Gas prices stabilize on rising oil prices, easing omicron fears

After a run of declines, gasoline prices are largely unchanged in the Pittsburgh area and across the nation, according to price tracking service GasBuddy.

In Pittsburgh, prices are down less than 1 cent per gallon in the past week, averaging $3.51 on Monday, according to GasBuddy’s survey of 731 stations. That’s 3.3 cents per gallon less than a month ago, but $1.01 more than a year ago.

Prices in Pittsburgh range from $3.15 per gallon up to $3.69. Statewide, prices range from $3.09 up to $4.39.

The national average came down almost 1 cent per gallon in the last week, averaging $3.27. That’s 9 cents less than a month ago, but $1.03 more than a year ago, GasBuddy reported.

“After a pretty long run of falling gas prices, we’ve seen things stabilize,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “Oil prices have started to rise as omicron hasn’t been as severe as initially feared, leading to optimism that perhaps oil demand will start to rise in the weeks ahead as cases will eventually plateau.”

A price increase expected last week in Great Lakes states — Michigan, Indiana, Ohio, Illinois and Kentucky — didn’t happen, but De Haan expects it will come this week and push the national average price higher.

“For the rest of the nation, with oil near $76 per barrel, we will likely see gas price decreases replaced by minor price increases,” he said.