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AAA: Gas Prices Rise Slightly in Pa. This Week
Clarion County drivers are paying an average of $2.323 per gallon for regular unleaded gasoline. In Venango County, the standard price is $2.359. The average in Jefferson County is $2.359.
On the week, the region saw gas prices push more expensive, though mostly by one to two cents. Washington, D.C. (-6 cents) was the only state in the region to see a decrease.
Five states in the region – Pennsylvania ($2.24), New York ($2.18), Washington, D.C., ($2.12), New Jersey ($2.02) and Maryland ($2.02) – carry averages of $2/gallon with a handful of others just pennies away from hitting this mark again: Massachusetts ($1.98), Rhode Island ($1.98), Vermont ($1.96) and Connecticut ($1.96).
Gasoline stocks have steadily increased throughout the month of May in the region. The latest build – nearly 2 million barrels – pushes total levels to nearly 74 million barrels. That is a near-high mark for stocks in the region this year. Stock levels sit at a 10 million barrel year-over-year surplus. However, refinery rates are still low, sitting at 50%.
This week’s average prices: Western Pennsylvania Average $2.343
Average price during the week of May 26, 2020 $2.342
Average price during the week of June 3, 2019 $3.001
The average price of unleaded self-serve gasoline in various areas:
$2.243 New Castle
$2.343 New Kensington
$2.359 Oil City
On the National Front
The national gas price average is $1.97, just one penny more expensive than last week. Part of the incremental jump can be attributed to increases in gasoline demand, which saw a 7% week-over-week increase. However, demand is still down nearly 25% compared to last year, according to the Energy Information Administration’s latest reports.
Today’s national average is 20 cents more than a month ago, but 85 cents less than a year ago.
At the end of Friday’s formal trading session, West Texas Intermediate increased by $1.78 to settle at $35.49 per barrel. At the end of last week, crude prices spiked amid increased market optimism that demand for crude oil and refined products from it, including gasoline, may be rebounding. For this week, crude prices may continue to rise if the market believes that the 9.7 million b/d production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and other major crude exporters, including Russia, is helping to rebalance the global oil market as demand remains low due to COVID-19.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
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