From staff reports
The average price of gasoline in the tri-county area is in step with western Pennsylvania’s average of $2.44, but far above the state average of $2.36.
Both Venango and Clarion counties are at $2.45, and Forest County is at $2.43, according to AAA East Central’s Gas Price Report.
The average price of gasoline in western Pennsylvania last week was $2.35. At this time last year, it was $2.88.
Nearly 1 million barrels of gasoline were used from inventory in the region, according to Energy Information Administration (EIA) data for the week ending June 12. Regional gasoline stocks sit at 74.1 million barrels, and refinery utilization dipped just under 50%.
AAA expects the region to see gas prices continue to increase in the weeks ahead, especially as more Americans feel comfortable traveling.
On the national front, 30 states only saw an increase of a penny or two, causing the national average to push more expensive by 3 cents, to $2.13, since June 15.
The national rise in gasoline prices has slowed, which can be partly tied to decreasing demand. Measuring at 7.87 million b/d, gasoline demand saw a small week-over-week decline and continues to be significantly lower – 21% – compared with this week last year.
Domestic crude prices increased at the end of last week amid increased market optimism regarding trade relations between the U.S. and China and greater focus on compliance with the production reduction agreement between OPEC and its partners, including Russia.
It remains unclear if the agreement, which will expire at the end of July, will extend into August.