Gas prices drift lower, but Iran tensions could cause impacts, analyst says

Gas prices have come down slightly in Pittsburgh, with a bigger decrease nationally.

In Pittsburgh, prices are down 0.9 cents per gallon in the past week, averaging $2.97, according to GasBuddy. That’s 7.5 cents per gallon higher than a month ago, but 11.2 cents per gallon lower than a year ago.

The national average price is down 3.5 cents per gallon to $2.76. That’s 10.9 cents per gallon more than a month ago, but 6.7 cents per gallon less than a year ago.

Average U.S. gas prices drifted lower as oil’s downturn picked up steam thanks to a smaller than expected decline in oil inventories and concerns remaining over the strength of the U.S. economy, said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Oil largely ignored Iran’s attempt to make waves in the Strait of Hormuz last Friday but we may see some impacts in the week ahead, though over the weekend some behind the scenes signs emerged that some parties were trying to de-escalate the rising tensions,” DeHaan said.

“Motorists will likely face a mixed bag at the pump in the week ahead,” he said. “Gas prices are likely to drift lower for the first part of the week, with the exception of Great Lakes states, but may perk up closer to the weekend or early next week should oil prices exhibit strength that pushes them close to $60 per barrel.”