A jump in oil prices has brought an end to a more than month-long decline in the national average price of gasoline, industry analysts said this week.
But while the national average is up, the average in the Pittsburgh area came down slightly in the past week, according to price tracking service GasBuddy and AAA.
“The rise has been quite tame in most areas, while others have continued to gently decline,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “But, with the French election now behind us, there is risk that the EU could pursue harsher sanctions on Russia’s energy, which could cause oil prices to rise if it happens — something motorists should be on the watch for.”
According to AAA, the national average for a gallon of regular gas increased 4 cents over the past week to $4.12. That’s 12 cents less than a month ago but $1.24 more than a year ago.
The average had been coming down since peaking at about $4.33 on March 11. In Pennsylvania, the price reached about $4.44 on the same day.
Oil prices are hovering around $100 a barrel caused by two opposing forces — upward pricing pressure on concerns that less Russian oil will enter the global market countered by fears of a covid-induced economic slowdown in China, the world’s leading oil consumer, according to AAA.
“As long as the price of oil stays elevated, the price at the pump will struggle to fall,” AAA spokesman Andrew Gross said. “Consumers may be catching a little break from March’s record-high prices, but don’t expect any dramatic drops.”
On Monday, GasBuddy reported the average price in the Pittsburgh area at $4.16, down just 0.4 cents per gallon in the last week.
But looking at Western Pennsylvania, AAA reported an average of $4.19, down 2 cents from a week ago.
De Haan said a decline in U.S. oil inventories is putting more pressure on prices as the nation’s strategic petroleum reserve is tapped and Russia’s war on Ukraine continues.
“The global imbalance between supply and demand that led to these higher prices continues for the time being,” he said.
