Gas prices took a breather during the last week, actually falling a few cents despite being expected to increase as spring approaches.
“Motorists have finally seen a bit of a break in the recent rise in the national average, with more states seeing drops than increases in the last week. While the pause has certainly been nice, this is more like a rain delay than it is a seventh-inning stretch,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Overall in Pennsylvania, the average was 3.6 cents less per gallon in the last week, averaging $3.51/g Monday, according to GasBuddy’s survey of 5,269 stations in Pennsylvania.
In Western Pennsylvania, AAA East Central reported gas prices were 2 cents lower this week at $3.634 per gallon. In Bradford, the average was $3.605; in Brookville, $3.577; in DuBois, $3.581; in Erie, $3.624; and in Warren, $3.699.
“It’s likely only a matter of time before we see the rise re-engage and prices start to head higher, but we’ll take any break that we can,” De Haan reasoned. “Oil prices have shown some signs of struggling last week after coming within arm’s reach of $80 per barrel before falling closer to $76, but all eyes are on refiners as utilization remained seasonally weak, around 80% of capacity, meaning there’s less gasoline and diesel being produced. That’s why it’s just a matter of time before prices collide with rising demand and start to accelerate again.”
Prices in Pennsylvania are still 17 cents per gallon higher than a month ago and stand 9.5 cents per gallon lower than a year ago. The national average price of diesel has fallen 2.6 cents in the last week and stands at $4.06 per gallon.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $2.97 per gallon Sunday while the most expensive was $4.59 per gallon, a difference of $1.62 per gallon.
Following a 12-cent jump last week, the national average fell 1.9 cents per gallon to $3.24 per gallon Monday. News that the large BP-Whiting refinery in Indiana — offline since early February due to power issues — would reopen soon, may have contributed to easing prices at the pump. The refinery processes nearly 440,000 barrels of crude daily, and the shutdown caused gasoline prices to rise throughout the Midwest. The national average this week is 13.3 cents higher than a month ago and 9.2 cents lower than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand remained mostly flat at 8.2 million barrels per day last week. Total domestic gasoline stocks declined slightly by 300,000 barrels to 247 million barrels. Flat demand, amid falling supply, has helped to stabilize the national average this week.
At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 87 cents to settle at $77.91. Oil prices rose with a softer dollar and continuing attacks in the Red Sea, causing the market to remain concerned that shipping routes will be hindered as hostilities linger. Additionally, total domestic commercial crude stocks increased by 3.6 million barrels to 443 million barrels last week.
