AAA: Gas prices lower in PA as crude prices dip

Gas prices are a penny lower in Western Pennsylvania this week at $3.851 per gallon, according to AAA East Central's Gas Price Report.

This week's average prices in Western Pennsylvania are $3.851/per gallon.

The average price during the week of January 30, 2023 was $3.865 /per gallon.

The average price during the week of February 7, 2022 was $3.598 /per gallon.

Trend Analysis:

The national average for a gallon of gas is three cents lower this week at $3.47. Last week's decision by OPEC+ to maintain current production levels and not make any cuts led to lower oil prices. Oil prices account for as much as 60% of the cost of a gallon of gas. Today's national average is 18 cents more than a month ago and four cents more than a year ago.

According to data from the Energy Information Administration (EIA), gas demand rose from 8.14 million to 8.49 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million barrels to 234.6 million barrels. Despite rising gas demand, total supply growth has helped limit pump price increases.

At the close of Friday's formal trading session, West Texas Intermediate decreased by $2.49 to settle at $73.39. Crude prices fell last week amid ongoing market concerns that if a recession occurs this year, crude demand and prices would likely decline. Additionally, crude prices dropped after the EIA reported that total commercial stocks increased by 4.2 million barrels to 452.7 million barrels.

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