Western PA Gas Prices Break as Inventory Builds

Pennsylvania, Gas Prices
Sunrise at gas station by Don DeBold
Photo by Don DeBold https://www.flickr.com/photos/ddebold/ https://creativecommons.org/licenses/by/4.0/

Gas prices in Western Pennsylvania this week dropped four cents this week to an average of $2.597 per gallon, according to AAA East Central’s Gas Price Report. 

Pennsylvania (-4 cents) is one of the states in the Mid-Atlantic and Northeast region that experienced a drop this week.  Elsewhere in the region, prices at the pump dropped in every state except Washington, D.C. where prices were flat.

The EIA reports gasoline inventory levels above year-ago levels. Overall, compared to a year ago, gas prices are mostly reminiscent of last summer.  With comparable gas prices to last summer, consumers may feel encouraged to drive more ultimately leading to an increase in demand, which could help dip into the supply levels.

This week’s average prices: Western Pennsylvania Average: $2.597
Average price during the week of June 5, 2017: $2.633
Average price during the week of June 13, 2016: $2.604

The average price of unleaded self-serve gasoline in various areas:      

$2.556      Altoona
$2.633      Beaver
$2.555      Bradford
$2.649      Brookville
$2.613      Butler
$2.611      Clarion
$2.503      Du Bois
$2.567      Erie
$2.622      Greensburg
$2.594      Indiana
$2.665      Jeannette
$2.625      Kittanning
$2.632      Latrobe
$2.584      Meadville
$2.617      Mercer
$2.574      New Castle
$2.628      New Kensington
$2.632      Pittsburgh
$2.415      Sharon
$2.641      Uniontown
$2.606      Warren
$2.604      Washington


On the National Front
At $2.34, the national gas price is cheaper today than it was on this day one year ago.  The same trend rings true at the pump in 27 states in the Southeast and Midwest – many seeing double-digit price drops.  More so, in 46 states consumers are paying, on average, three cents less at the pump than a week ago.

The national price drop is due to an unexpected buildup of crude oil last week combined with ongoing high gasoline production, an increase in gasoline stocks, and fluctuations in demand.  This continuing trend could result in price drops into July and August as the summer driving season zooms ahead. However, it is not likely that gas prices will drop much lower than this week’s prices.

The oil market appears to be off to a good start this week, with the price per barrel above $46. The increase comes after last week’s report from the EIA showed surprising numbers in gasoline demand and crude inventories.  After setting a record for use during the run-up to Memorial Day weekend, demand decreased significantly.  Market watchers expected to see a post-Memorial Day slump; however, the market was surprised by a strong build in crude inventories.  The continued glut in crude inventories is resulting in high production rates, putting downward pressure on prices per barrel. 

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

AAA East Central is a not-for-profit association with 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  Past news releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.

For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com

-AAA-