Western Pa. gasoline price down 10 cents
PITTSBURGH — Western Pennsylvania gas prices have continue to stay below $2.00 a gallon, hovering around $1.884, according to AAA East Central’s Fuel Gauge latest report, released Monday. The national average is $1.711.
According to AAA, the average price for a gallon of unleaded gasoline in Western Pennsylvania two weeks ago was $1.984, and for the week of Feb. 23, 2015, the average price was $2.409.
Current average gas prices in the Washington area — $1.729 — were among the lowest from the most recent survey, according to data from AAA.
The Erie area had the lowest price, with an a verage of $1.718, while Bradford’s was the highest, at $1.957.
The national average for regular unleaded gasoline continues to hover at levels not seen since the Great Recession, largely due to abundant supplies and low crude oil costs. Monday’s average price of $1.71 per gallon is the lowest price for this date since 2004.
AAA said gas prices are likely move higher as the spring refinery maintenance season approaches; however prices should remain lower than recent years. Refineries conducting maintenance will produce less fuel, though ample gasoline supply and lower-than-expected prices for crude oil should limit any seasonal price spikes.
The global price for crude oil continues to move based on speculation regarding the market’s future balance between supply and demand. A possible freeze in production, spearheaded by OPEC member Saudi Arabia, grabbed the attention of market watchers for much of last week, but failed to produce any real gains in price, as the likelihood of a deal remains questionable. It also is unlikely that a production freeze near current levels would have any effect on reducing abundant global supplies.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate crude oil was down $1.13 to settle at $29.64 per barrel.