AA: Gas prices continue to fall in Pennsylvania

Gas prices are two cents lower in Western Pennsylvania this week at $3.676 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices in Western Pennsylvania are $3.676/ per gallon.

The average price during the week of May 22, 2023 was $3.690/ per gallon.

The average price during the week of May 31, 2022 was $4.701/ per gallon. Trend Analysis: The seasonal surge in gasoline demand leading into the long holiday weekend resulted in the national average for a gallon of gas rising three cents over the past week to $3.57. The rise in gasoline demand is helping to push pump prices higher, but the increases are tempered by the lower cost of oil, which is currently in the low $70s per barrel. Today’s national average is four cents less than a month ago and $1.04 less than a year ago.

According to new data from the Energy Information Administration

(EIA), gas demand increased from 8.91 to 9.43 million barrels per day last week. Rising demand has helped to boost pump prices. Meanwhile, total domestic gasoline stocks decreased by 2 million barrels to 216.3 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.43 to settle at $74.34. Oil prices rose amid growing market optimism that energy demand is rebounding. However, price increases were capped due to the market expecting another interest rate increase from the U.S. Federal Reserve, which could result in the economy tipping into a recession. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly by 12.4 million barrels to 455.2 million barrels last week.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.