AAA: Gas prices continue to fall

Gas prices are five cents lower in Western Pennsylvania this week at $4.828 per gallon, according to AAA East Central's Gas Price Report.

This week’s average prices: Western Pennsylvania Average: $4.828

Average price during the week of July 5, 2022: $4.929

Average price during the week of July 12, 2021: $3.291

Trend Analysis:

Pump prices declined across the country again, with the national average falling another 12 cents since last week to $4.67. Today's national average is 32 cents less than a month ago and $1.53 more than a year ago.

The dip in the cost of gas occurred despite a rise in demand, likely due to robust July 4th holiday automobile travel. AAA forecast that 42 million people would hit the roads for the holiday weekend, a new record. According to new data from the Energy Information Administration (EIA), gas demand increased from 8.92 million barrels per day to 9.41 million barrels per day ahead of the 4th of July holiday, while total domestic gas stocks decreased by 2.5 million barrels. Typically, these supply/demand trends would put upward pressure on pump prices but falling oil prices contributed to lower pump prices

At the close of Friday's formal trading session, West Texas Intermediate increased by $2.06 to settle at $104.79. Although the price of crude rose at the end of the week due to increased optimism as markets rebounded, the price was still down nearly $4 per barrel from the previous week.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.