From staff reports
In the tri-county area, Venango County is the only county where this week’s average price of gasoline is below the average western Pennsylvania average of $4.25, according to AAA East Central’s Gas Price Report.
In Venango County, the average cost for a gallon of gas is $4.23; in Clarion County, it’s $4.27; in Forest County, it’s $4.29.
Last week’s average tri-county average gas prices were: Venango County, $4.27; Clarion County, $4.30; Forest County, $4.28.
Last week’s average gas prices in those areas were: Mercer County, $4.30; Crawford County, $4.28.
The average price of gas in western Pennsylvania last week was $4.28, which is 3 cents above this week. At this time last year, it was $3.00.
The current statewide average price is $4.20, which is down 8 cents from last week. Last year at this time, it was $2.97.
The national average price is $4.10, which is down 9 cents from last week, down 22 cents from a month ago, and up $1.25 from a year ago.
Trend analysis
The cost of gasoline has continued to slide due to falling oil prices. The global oil market has seen lower prices since the U.S. and its allies agreed to significant releases of oil reserves.
Also weighing down oil prices is the fear of resurgent COVID-19 infections in China and its potential for an economic slowdown in one of the world’s largest oil-consuming nations.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million barrels, to 236.8 million barrels last week. Gasoline demand increased slightly from 8.5 million barrels daily, to 8.56 million barrels per day.
Although less supply and more demand would typically support higher prices, the fluctuating oil price continues to be the main factor influencing pump prices, which will likely face downward pressure if oil prices remain below $100 per barrel.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.23, to settle at $98.26.
Overall, crude prices declined last week after EIA’s weekly report, which showed U.S. crude oil inventories rose by 2.4 million barrels, to 412.4 million barrels.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
