Gas prices in Western Pennsylvania are almost two cents more expensive this week at $2.469 per gallon, according to AAA East Central’s Gas Price Report.
Pump prices across the Mid-Atlantic and Northeast states are making small jumps and decreases this week. In Pennsylvania, gasoline is about a cent higher this week at $2.48/gallon.
As demand remains low, gasoline stocks continued to grow this week adding 2.5 million barrels. Energy Information Administration (EIA) data shows stocks sit at a 7.6 million surplus year-over-year, which should help to keep increases minimal for the winter.
This week’s average prices: Western Pennsylvania Average $2.469
Average price during the week of January 7, 2019 $2.446
Average price during the week of January 16, 2018 $2.785
The average price of unleaded self-serve gasoline in various areas:
$2.511 Altoona
$2.480 Beaver
$2.537 Bradford
$2.572 Brookville
$2.323 Butler
$2.424 Clarion
$2.513 Du Bois
$2.456 Erie
$2.411 Greensburg
$2.554 Indiana
$2.467 Jeannette
$2.563 Kittanning
$2.372 Latrobe
$2.449 Meadville
$2.470 Mercer
$2.237 New Castle
$2.536 New Kensington
$2.506 Pittsburgh
$2.283 Sharon
$2.519 Uniontown
$2.639 Warren
$2.485 Washington
On the National Front
At a penny more expensive on the week, the national gas price average ($2.25) increased for the first time since October. Despite the increase, today’s average is still cheaper month-over-month (-14 cents) and year-over-year (-28 cents).
The price of crude oil has been slowly, but steadily increasing since the beginning of the year, which is starting to push up pump prices. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased $1.00 to settle at $51.59. Overall, crude prices increased last week due to optimism that the trade tensions between China and the U.S. may be subsiding. Reduced trade volatility will likely help curtail stalled global economic growth that could have reduced global demand for crude.
Last week saw not only more expensive crude oil, but a sizeable build in U.S. gasoline stocks and a small increase in demand. Overall demand has been low lately, contributing to the growth in stocks and helping to keep gas prices lower despite increasing crude prices.
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