AAA: Gas Prices Dip in PA; National Average Unaffected by Tropical Storm
Clarion County drivers are paying an average of $2.448 per gallon for regular unleaded gasoline. In Venango County, the standard price is $2.499. The average in Jefferson County is $2.468.
This week’s average prices: Western Pennsylvania Average $2.433
Average price during the week of July 27, 2020 $2.447
The average price of unleaded self-serve gasoline in various areas:
$2.317 New Castle
$2.392 New Kensington
$2.499 Oil City
On the week, the national gas price average held steady at $2.18, as most state averages saw minimal changes. Apart from a few states – Florida (+10 cents), Utah (+10 cents) and Idaho (+5 cents) – averages either decreased by less than four cents or increased by no more than two pennies.
Gas prices are trending cheaper despite an increase in demand. Up 3% over last week, gasoline demand measured at 8.8 million b/d – the highest reading since the pandemic started. However, according to the Energy Information Administration (EIA), year-over-year demand is down about 8%.
Today’s national average has been largely unaffected by Tropical Storm Isaias. The storm, according to the National Hurricane Center, is likely to regain hurricane strength before reaching the coast between northeastern South Carolina and southern North Carolina later today. Given lower than normal U.S. gasoline demand and healthy stock levels, gas prices nationally are not likely to be impacted by Isaias.
At the end of Friday’s formal trading session, West Texas Intermediate increased by 35 cents to settle at $40.27 per barrel. Domestic crude prices increased after the EIA’s latest weekly report revealed that inventories decreased by 10.6 million barrels, bringing the current total to 526 million barrels. The price increase, amid increasing gasoline demand, could mean that the domestic crude market is meeting demand and production is stabilizing as coronavirus infections continue to increase worldwide. If crude supplies continue to decline alongside rising demand, domestic crude prices could continue to increase this week.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
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