AAA: Gas prices on the rise again

Gas prices are 17 cents higher in Western Pennsylvania this week at $4.355 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices in Western Pennsylvania Average is $4.355/per gallon.

The average price during the week of April 25, 2022 is $4.186/per gallon.

The average price during the week of May 3, 2021 is $3.034/per gallon Trend Analysis:

Pump prices rose again this past week due primarily to the continued high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine is the main factor influencing crude prices. The cost of a barrel of crude continues to hover around $100. With the oil price accounting for about 60% of pump prices, the national average for a gallon of regular is now $4.19, an increase of seven cents since Monday, April 25 and $1.29 more than a year ago. It now costs drivers in the U.S. about $23 more to fill up than a year ago.

According to new data from the Energy Information Administration

(EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 230.8 million barrels last week. Gasoline demand decreased slightly from 8.87 million barrels per day to 8.74 million barrels per day. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 67 cents to settle at $104.69. Although prices declined on the day due to crude demand concerns as COVID19-related lockdowns continue in China, crude prices gained earlier in the week after EIA’s weekly report showed that total current supply level is approximately 16 percent lower than at the end of April 2021.

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