The days of 99-cent gasoline are in the rearview mirror as demand for gasoline rebounds across the country as cities and states slowly reopen, a gasoline industry analyst said.
“The lowest priced stations in the country will see some upward movement, but most areas will still see declines,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
Gasoline prices are rising despite low oil prices because of refineries slowing production over the past month to avoid flooding the market with unwanted gasoline, DeHaan said.
“As demand stages a rebound, it remains to be seen how quickly refiners will raise production to meet the locations that have or will begin to re-open in the days and weeks ahead,” he said. “For now, expect prices to see upward potential but only in the lower priced states as we await a boost in gasoline production.”
Prices in the Pittsburgh area fell slightly in the past week, while the national average increased.
In the Pittsburgh area, the average price is now $2.14 per gallon, down 0.5 cents from last week, according to GasBuddy’s survey of 731 stations. That’s 9.5 cents per gallon less than a month ago, and almost $1 per gallon less than a year ago.
Prices in the Pittsburgh area range from $1.74 per gallon up to $2.79, a difference of $1.05 per gallon. Statewide, prices range from $1.57 up to $2.99, a differnece of $1.42 per gallon.
The national average is $1.75 per gallon, up 1.5 cents in the last week. That’s 14.8 cents per gallon less than a month ago, and about $1.15 less than a year ago.
Neighboring areas and their current gas prices:
• Akron — $1.58, up 23.3 cents per gallon from last week;
• Cleveland — $1.58, up 18.7 cents per gallon from last week;
• West Virginia — $1.70, down 3 cents per gallon from last week.
