AAA: Gas prices dip in Pennsylvania

Gas prices are two cents lower in Western Pennsylvania this week at $3.733 per gallon, according to AAA East Central's Gas Price Report.

This week's average prices in Western Pennsylvania were $3.733/ per gallon.

The average price during the week of March 13, 2023 was $3.758/ per gallon.

The average price during the week of March 21, 2022 was $4.311/ per gallon.

Trend Analysis:

Despite economic news affecting the stock and oil markets, the national average for a gallon of regular gasoline fell three cents over the past week to $3.44. This is three cents more than a month ago but 84 cents less than a year ago. Meanwhile, the global oil price plunged into the low to mid $60 per barrel, a level not seen since August 2021.

At the close of Wednesday's formal trading session, West Texas Intermediate decreased by $3.72 to settle at $67.61. Crude prices have dropped this week amid rising market concerns about the health of the global banking sector. Additionally, the Energy Information Administration (EIA) reported that total domestic commercial crude inventories increased by 1.6 million barrels to 480.1 million barrels last week.

According to new data from EIA, gas demand increased slightly from 8.56 to 8.59 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 2.1 million barrels to 236 million barrels last week. Increasing demand amid tighter supply would typically push pump prices higher; however, lower oil prices have countered this effect.

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