Western PA Gas Prices Inch Upward, Inventory Continues to Shrink

Gas prices in Western Pennsylvania are up by about two cents this week at $3.103 per gallon, according to AAA East Central’s Gas Price Report.

Many states in the Mid-Atlantic and Northeast region saw increases at the pump (Pennsylvania, +2 cents), and some saw prices remain the same.  Only one state saw a modest decrease of one cent. 

During July, total gasoline inventory levels in the region dropped from 66.4 million barrels to 64 million. The latest Energy Information Administration (EIA) numbers report inventories were drawn down by 1.2 million barrels – the largest draw of any region for the week ending July 27.  With gasoline import numbers slowing, this region could see inventory levels really tighten and gas prices amplify despite having a year-over-year surplus.

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

$3.071      Altoona

$3.113      Beaver

$3.068      Bradford

$3.154      Brookville

$3.151      Butler

$2.941      Clarion

$3.032      Du Bois

$3.087      Erie

$3.144      Greensburg

$3.099      Indiana

$3.206      Jeannette

$3.154      Kittanning

$3.132      Latrobe

$3.089      Meadville

$3.091      Mercer

$3.104      New Castle

$3.154      New Kensington

$3.142      Pittsburgh

$3.014      Sharon

$3.074      Uniontown

$3.139      Warren

$3.111      Washington

On the National Front

At 9.88 million barrels per day, gasoline demand last week was near an all-time record high according to the EIA.  More so, the latest EIA data shows gasoline inventories tightening from 240 million barrels at the end of June down to 231 million at the end of July.  The boost in demand and drop in inventory have driven the national gas price average to $2.87, which is the most expensive gas price seen in August since 2014.  Should inventories continue to tighten, a pump price rally could manifest before summer’s end. 

While today’s gas price average is one-cent more than last week, it is the same price as one month ago, yet 52-cents more than this time last year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 47 cents to settle at $68.49.  Oil prices made some gains last week, but are ending at a loss after EIA reported that total oil inventories across the country grew by 5.6 million barrels last week.  The build in crude stocks was supported by crude exports falling to 1.31 million b/d. 

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