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As Inventory Grows, Pa. Gas Prices Move Downward

 

January 16, 2020



The average price of gasoline across Western Pennsylvania is two cents cheaper this week at $2.898 per gallon, according to AAA East Central’s Gas Price Report.

Nearly every state in the Mid-Atlantic and Northeast region saw gas prices decrease or hold steady this week (Pa., minus 1 cent).

At $2.37, Virginia carries the cheapest gas price in the region and ranks as the 11th least expensive average in the country.

Meanwhile, Pennsylvania ($2.81), Washington, D.C. ($2.72) and New York ($2.72) carry the most expensive averages in the region and fall among the top 10 highest state averages in the country.

The Energy Information Administration (EIA) measures regional gasoline stocks at 64.6 million barrels, which is up by 800,000 barrels for the week ending January 3. Levels have not been this high since late September (2019), which is helping to edge gas prices cheaper and keep price fluctuation minimal in the region.

This week’s avg. prices

Western Pennsylvania Average – $2.898

Average price during the week of Jan. 6, 2020 – $2.910

Average price during the week of Jan. 14, 2019 – $2.469

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

$2.793 Altoona

$2.919 Beaver

$2.931 Bradford

$2.838 Brookville

$2.885 Butler

$2.948 Clarion

$2.855 Du Bois

$2.935 Erie

$2.861 Greensburg

$2.949 Indiana

$2.959 Jeannette

$2.956 Kittanning

$2.852 Latrobe

$2.991 Meadville

$2.956 Mercer

$2.794 New Castle

$2.941 New Ken.

$2.888 Pittsburgh

$2.896 Sharon

$2.903 Uniontown

$2.959 Warren

$2.753 Washington

On the National Front

Despite crude oil price fluctuation and growing geopolitical concerns in the last week, the national gas price average has held steady at $2.58 since the beginning of the year.

Today’s national average is two cents more than last month and 34 cents more expensive than the beginning of 2019.

Growing levels of domestic gasoline stocks alongside decreasing demand are two factors helping to minimize gas price fluctuations.

The EIA measures U.S. demand at 8.1 million barrels per day, which is the lowest reading for the first week of the year since January 2016.

At 251.6 million barrels – the highest start of the year on record – gasoline stocks have only measured this high two other times in EIA history.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by 52 cents to settle at $59.04.

Crude prices decreased last week after rising sharply following increased tension between the U.S. and Iran. With the U.S. announcing economic sanctions instead of additional military strikes against Iran, prices fell as tension began to ease. If tension continues to cool in the region this week, crude prices could decrease further.

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

Editor’s Note: AAA East Central is a not-for-profit association with 78 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.

 

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