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Western Pennsylvania Gas Prices Stable; Inventories OK Despite Refinery Closing

 

February 13, 2020



The average price of gasoline across Western Pennsylvania is steady this week at $2.719 per gallon, according to AAA East Central’s Gas Price Report.

With a six-cent decrease, Maryland ($2.32) saw the largest weekly decline in the Mid-Atlantic and Northeast region. Virginia ($2.21), North Carolina ($2.24), New Jersey ($2.49) and West Virginia ($2.40) saw five-cent declines and rounded-out the largest decreases in the region on the week. Statewide, Pennsylvania’s average price for gasoline is $2.63 – three cents cheaper than this time last week.

With a nearly 1-million-barrel increase, regional gasoline stocks sit right under 67 million barrels. Energy Information Administration (EIA) historical stock data show that the region has bounced back (in terms of inventory levels) following last year’s closure of the Philadelphia Energy Solutions refinery.

This week’s average prices

Western Pennsylvania Average – $2.719

Average price during the week of Feb. 3, 2020 – $2.710

Average price during the week of Feb. 11, 2019 – $2.512

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

$2.538 Altoona

$2.758 Beaver

$2.766 Bradford

$2.764 Brookville

$2.730 Butler

$2.745 Clarion

$2.726 Du Bois

$2.864 Erie

$2.645 Greensburg

$2.738 Indiana

$2.666 Jeannette

$2.657 Kittanning

$2.721 Latrobe

$2.737 Meadville

$2.788 Mercer

$2.653 New Castle

$2.692 New Kensington

$2.741 Pittsburgh

$2.668 Sharon

$2.740 Uniontown

$2.853 Warren

$2.634 Washington

On the National Front

Gas prices may be 16 cents more expensive than last year, but that price gap has been shrinking steadily. It’s the smallest year-over-year difference seen in two months, largely due to decreasing oil prices. At $50/bbl (West Texas Intermediate), crude oil prices are at their cheapest point in a year. That, combined with steady gasoline stock levels and low demand have helped to push the national average lower – a dime cheaper than three weeks ago, at $2.43.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.

 

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