AAA: Gas prices lower in PA; oil prices rising again

Gas prices are four cents lower in Western Pennsylvania this week at $4.204 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices in Western Pennsylvania Average is $4.204/per gallon.

The average price during the week of April 11, 2022 was $4.249/per gallon.

The average price during the week of April 19, 2021 was $3.002/per gallon.

Trend Analysis:

While gas prices have decreased again this week, market concerns remain about the return of seasonal gas demands and higher global oil prices. The war in Ukraine and fear of less Russian oil entering the market caused the price of crude to creep back above $100 a barrel. At the close of Thursday’s formal trading session, West Texas Intermediate increased by $2.70 to settle at $106.95 as the European Union announced they are drafting plans to ban Russian oil imports. This move could potentially tighten global supply as member countries look for new sources for crude oil in an already tight market. Meanwhile, as more places in the U.S. see pump prices fall below $4 a gallon, demand is ticking back up. Domestically, the national average for a gallon of gas has fallen to $4.08. This is 19 cents less than a month ago and $1.21 more than a year ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 3.5 million barrels to 233.1 million barrels last week. Gasoline demand increased slightly from 8.5 million barrels per day to 8.73 million barrels per day. Although supply and demand factors would typically support elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump.

Meanwhile, consumers will enjoy a tasty gas price–related treat courtesy of Krispy Kreme Doughnuts. For the next three Wednesdays, Krispy Kreme will lower the price of a dozen Original Glazed donuts to the national average that AAA reports each Monday. The offer runs through Wednesday, May 4. A dozen glazed doughnuts typically cost around $12. This Wednesday’s dozen should cost $4.08, not including sales tax, only in shop, drive-thru, and online pickup.

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