Western PA Gas Prices a Nickel Lower

Western PA Gas Prices a Nickel Lower

Gas Prices

Western PA Gas Prices a Nickel Lower

(August 10, 2015) -- Western Pennsylvania gas prices are still on a downward slope this week to $2.739 a gallon according to AAA East Central’s Fuel Gauge report. The national average is $2.591.

This week’s Western PA average price:

$ 2.739

Average price during the week of August, 3 2015:

$ 2.788

Average price during the week of August 12, 2014:

$ 3.615

On the National Front

The national average price for regular unleaded gasoline has fallen for 26 consecutive days. This is the longest streak of consecutive declines since January, and pump prices have moved lower by 19 cents per gallon over this period. Today’s average gas price is 89 cents per gallon lower than this same date last year.

West Texas Intermediate (WTI), the domestic benchmark for crude oil, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term. Oversupply continues to characterize the oil market, and according to the latest report from the U.S. Energy Information Administration (EIA), refinery utilization rates are running at record highs. Pump prices are likely to post notable declines leading up to the Labor Day holiday. 

Expectations that the global oil market will remain oversupplied in the near term are keeping downward pressure on the price of crude. The Chinese economy continues to show signs of weakness, which increases concerns that this expected driver of global consumption may not be poised to help counter the market’s oversupply. The global oil market is also paying close attention to the potential for Iranian oil to return to market as early as this fall, as well as high production from the U.S. and Saudi Arabia, OPEC’s swing producer.

Domestic focus has shifted to the potential for a glut in gasoline due to strong refinery runs and the potential for demand to drop as the summer-driving season concludes. In addition, U.S. crude oil rig counts have added 32 rigs over the last six weeks. Combined with record refinery runs, it is increasingly likely that excess supply will characterize the domestic market and keep downward pressure on WTI. At the close of Friday’s formal trading on the NYMEX, WTI settled down 79 cents at $43.87 per barrel, which was a five-month low.

Western Pennsylvania Area Prices

The following is a list of the average price of unleaded self-serve gasoline in various areas:         

$ 2.654

Altoona

 

$ 2.829

Beaver

 

$ 2.807

Bradford

 

$ 2.675

Brookville

 

$ 2.735

Butler

 

$ 2.730

Clarion

 

$ 2.713

Du Bois

 

$ 2.577

Erie

 

$ 2.783

Greensburg

 

$ 2.817

Indiana

 

$2.738

Jeannette

 

$ 2.738

Kittanning

 

$ 2.767

Latrobe

 

$ 2.689

Meadville

 

$ 2.714

Mercer

 

$ 2.660

New Castle

 

$ 2.802

New Kensington

 

$ 2.781

Pittsburgh

 

$ 2.666

Sharon

 

$ 2.794

Uniontown

 

$ 2.795

Warren

 

$ 2.724

Washington

 

       

-AAA-

 

AAA East Central is a not-for-profit association with 83 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.