Gas prices in western Pennsylvania continue to decline.
According to AAA’s weekly gas price report, prices for a gallon of regular, unleaded, self-serve in the region is down another two cents this week over last, at $2.44 per gallon.
In Butler County, we’re seeing an average price of $2.33 per gallon.
On the week, gas prices dropped three to five cents across all Mid-Atlantic and Northeast states (Pennsylvania, -4 cents). The latest Energy Information Administration (EIA) data shows gasoline stocks built by 724,000 barrels in the region. Analysts speculate this was a low and partially due to low import rates on the week. Total stocks now sit at 61 million barrels.
This week’s average prices: Western Pennsylvania Average $2.446
Average price during the week of January 3, 2019 $2.461
Average price during the week of January 8, 2018 $2.779
The average price of unleaded self-serve gasoline in various areas:
$2.454 Altoona
$2.499 Beaver
$2.539 Bradford
$2.583 Brookville
$2.339 Butler
$2.403 Clarion
$2.391 Du Bois
$2.453 Erie
$2.383 Greensburg
$2.499 Indiana
$2.442 Jeannette
$2.563 Kittanning
$2.353 Latrobe
$2.354 Meadville
$2.455 Mercer
$2.206 New Castle
$2.456 New Kensington
$2.498 Pittsburgh
$2.357 Sharon
$2.468 Uniontown
$2.646 Warren
$2.461 Washington
On the National Front
The latest EIA data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017. Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 barrels, suggesting that demand this winter could be lower than expected.
Today’s national gas price average is $2.24 and has declined for 12 weeks in a row. The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 87 cents to settle at $47.96. Oil prices were volatile last week, as market observers continue to believe that the global crude market is oversupplied. Moreover, analysts are also wary of the impact a potential economic slowdown in 2019 could have on global crude oil demand. In the coming weeks, market observers will look for indications that OPEC’s global pact with large non-OPEC crude producers (including Russia) will reduce crude production by 1.2 million b/d for at least the first six months of 2019, which may help reduce the growing global glut of crude.
