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Gas prices resume fall on worrisome inflation figures, analyst says

Brian C. Rittmeyer
| Monday, February 27, 2023 11:55 a.m.
AP

Pennsylvania is among a majority of states that saw gas prices decline over the past week, an industry analyst said.

“The national average has resumed its decline after a pause last week as oil and wholesale gasoline prices fell on worrisome inflation figures showing the Fed likely to ramp up rates to slow inflation,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

De Haan said drops are showing up for most across the country except for the West Coast as the transition to summer blends continues and in the Great Lakes where prices cycled last week but have resumed declining.

“For the weeks ahead, tradition tells us to expect prices to move up eventually, but that could be at least partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably,” he said.

According to AAA, Monday’s national average was about $3.37 per gallon. That’s about 5 cents less than a week ago, 14 cents less than a month ago and 24 cents less than a year ago.

Nationwide, state averages ranged from about $2.92 to $4.86 per gallon, according to AAA.

Pennsylvania, at $3.63 per gallon, just barely remains among 10 states in the highest tier of averages, according to AAA. Other states with the highest averages are Alaska, California, Colorado, Hawaii, Idaho, Nevada, Oregon, Utah and Washington.

Pennsylvania’s average is about 6 cents less than a week ago, 16 cents less than a month ago and 13 cents less than a year ago.

Statewide, county averages range from $3.41 to $3.85, according to AAA. County averages in the Pittsburgh area:

• Allegheny: $3.74

• Armstrong: $3.75

• Beaver: $3.72

• Butler: $3.75

• Washington: $3.73

• Westmoreland: $3.78

In the Pittsburgh area, the average was $3.73, according to GasBuddy’s survey of 731 stations. That’s about 4 cents less than a week ago and 9 cents less than a month ago, but 6 cents more than a year ago.

According to GasBuddy price reports, prices in the Pittsburgh area range from $3.35 to $3.99, a difference of 64 cents.

Neighboring areas and their current prices, according to GasBuddy:

• Akron: $3.03, down about 18 cents from last week.

• Cleveland: $3.16, down 11 cents from last week.

• West Virginia: $3.23, down 6 cents from last week.

The national average price of diesel fell about 8 cents per gallon in the past week to $4.38, according to GasBuddy.


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