Rising gas prices hit a wall as surging covid-19 cases cause drop in demand, analyst says

After nine straight weeks of increases, gasoline prices may stop rising due to a drop in demand caused by covid-19 cases surging in some states, an industry analyst said.

“So far this summer, both holidays have seen the lowest prices since 2004, and its possible that if things don’t improve much by Labor Day we could see the rare trifecta of every summer holiday setting multi-year lows,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “For now, I believe we may see increases stall and some minor increases or decreases until we see a solid change in the coronavirus situation.”

In the Pittsburgh area, gas prices are unchanged in the past week, remaining at an average of $2.46, according to GasBuddy’s survey of 731 stations. That’s 12.7 cents per gallon more than a month ago, but 49.1 cents per gallon less than a year ago.

Prices in the Pittsburgh area range from a low of $2.18 per gallon up to $2.75, a difference of 57 cents per gallon, according to GasBuddy. Statewide, prices range from $1.99 up to $2.77, a difference of 78 cents.

The national average fell 1.2 cents per gallon in the last week, averaging $2.17. That’s 14.9 cents per gallon more than a month ago, but 58.1 cents less than a year ago.

Neighboring areas and their current gas prices:

• Akron — $2.17, down 4.9 cents per gallon from last week.

• Cleveland — $2.19, down 1.3 cents per gallon from last week.

• West Virginia — $2.20, unchanged from last week.