JEFFERSON COUNTY, Pa. (EYT) –The average price of gasoline across Western Pennsylvania is seven cents per gallon cheaper this week at $2.764, according to AAA East Central’s Gas Price Report.
Pennsylvanians are paying an average of $2.72 per gallon for self-serve regular unleaded gasoline. That compares to last week’s average of $2.78.
Current average prices are:
– Jefferson County $2.80 per gallon.
– Clarion County $2.87 per gallon.
– Venango County $2.88 per gallon.
Pennsylvania’s price drop was the largest in the Mid-Atlantic region.
Pump price declines are likely to extend through the end of the month as gasoline stocks continue to grow in the region. Gasoline stocks have been steadily building since mid-November, paving the way for cheaper gas prices for the area.
The average price of unleaded self-serve gasoline in various areas:
– $2.770 Brookville
– $2.879 Clarion
– $2.720 Du Bois
– $2.885 Kittanning
– $2.902 Franklin
– $2.959 Tionesta
– $2.749 Butler
– $2.898 Erie
– $2.803 Indiana
– $2.808 Pittsburgh
The national gas price average is $2.51, which is three cents cheaper than last week, four cents less than last month, and 25 cents more than a year ago. Gas prices have continued to drop over the previous week as gasoline stocks grew again, measuring at 260 million barrels – the highest stock level ever recorded by the U.S. Energy Information Administration (EIA) since it began recording the data in 1990.
The increase in inventory is pairing with lower seasonal demand for lower prices for motorists nationwide.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by $1.40 to settle at $54.19. Crude prices fell last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global oil consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further.
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