The break in gas prices was good while it lasted, but analysts on Monday said prices at the pump are climbing again.
In Western Pennsylvania, prices are five cents a gallon higher at $3.444, reported AAA East Central. In Bradford, the price was $3.594; in Brookville, $3.364; in DuBois, $3.388; in Erie, $3.380; and in Warren, $3.599.
Average gasoline prices in Pennsylvania have risen 2.7 cents per gallon in the last week, averaging $3.37 per gallon Monday, according to GasBuddy’s survey of 5,269 stations in Pennsylvania. Prices in Pennsylvania are 0.8 cents per gallon higher than a month ago and stand 37.9 cents per gallon lower than a year ago. The national average price of diesel has risen 3 cents in the last week and stands at $3.92 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $2.95 per gallon Sunday while the most expensive was $4.03 per gallon, a difference of $1.08 per gallon.
“A majority of states again saw average gasoline prices rise over the last week, pushed slightly higher by oil prices that had risen to multi-month highs. While most states saw price increases, they were somewhat tame, though the trend will likely begin to accelerate towards the end of the month. For now, the most common gas price in the U.S. remains $2.99 per gallon, but its days are numbered,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
He continued, “While Southern California is already beginning the transition to summer gasoline, and with it, higher prices, we could see a brief ‘clearance sale’ on remaining winter gasoline in some pockets of interior states as refiners start to move these time-sensitive barrels out of the system. Motorists shouldn’t be fooled into thinking any drop in prices is a long-term trend, but rather a very short-term one. I expect any modest and temporary drops in prices will be replaced by pricier gasoline as we get closer to the start of spring.”
The national average price of gasoline has risen 4.3 cents per gallon in the last week, averaging $3.12 per gallon Monday. The national average is up 4 cents per gallon from a month ago and stands 32.5 cents per gallon lower than a year ago, according to GasBuddy data.
According to new data from the Energy Information Administration (EIA), gas demand increased from 7.89 to 8.14 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by 1.1 million barrels to 254.1 million barrels. Higher gas demand and fluctuating oil prices have contributed to increasing pump prices.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.97 to settle at $75.85. Oil prices declined amid a strengthening dollar and no indications of new attacks in the Red Sea. Earlier in the week, attacks against shippers raised prices as commercial ships transiting the Red Sea sought longer, more expensive routes to avoid violence. Additionally, the EIA reported that total domestic retail crude stocks increased by 1.2 million barrels to 421.9 million barrels.
