Local gas prices were on cruise control this week, as the average cost per gallon in Bradford remained exactly the same as last Monday at $3.897.
AAA East Central said the average price in Western Pennsylvania held steady this week at $3.852 per gallon. In Brookville, it was $3.752; in DuBois, $3.818; in Erie, $3.874; and in Warren, $3.898.
Overall in Pennsylvania, the average price rose 9.6 cents during the last week, averaging $3.81 per gallon Monday. That’s 17.3 cents higher than a month ago and 4.2 cents more than a year ago.
According to GasBuddy price reports, the cheapest station in Pennsylvania was priced at $3.29 per gallon Sunday while the most expensive was $4.89 per gallon, a difference of $1.60.
Monday’s national average price for regular gasoline, according to AAA East Central, was $3.67 — an increase of 14 cents from last month and the same price as a year ago.
On April 22 during the last 10 years, 2022 recorded the highest price per gallon at $4.19 in Pennsylvania and $4.11 nationally, while 2020 clocked the lowest at $2.00 and $1.77.
The national average price of diesel decreased 0.4 cents in the last week and stands at $4.01 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, had speculated last week that the changeover to summer gasoline as well as further attacks in the Middle East could cause a spike in prices.
De Haan said this week the move to summer gasoline “is now behind us” but ongoing refinery maintenance will continue to squeeze production, at least for a little while longer.
“The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon,” De Haan said.
Further, he said of tensions in the Middle East, “While Israel’s retribution on Iran was somewhat surprising, it was also measured, with Iran virtually not even mentioning it publicly. As such, the price of oil has moved slightly lower, following the de-escalation that now appears to be taking place. I’m hopeful with reduced concern in the Middle East and an end to the seasonal factors pushing prices up that Americans will soon see relief.”
New data from the Energy Information Administration (EIA) indicates gas demand rose slightly from 8.61 to 8.66 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 1.1 million barrels to 227.4 million. Higher demand and a rise in oil prices could push pump prices higher.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $2.67 to settle at $82.86. Oil prices dipped as the EIA reported crude oil inventories increased by 2.7 million barrels from the previous week. At 460 million barrels, U.S. crude oil inventories are just 1% below the 5-year average for this time of year.
