Western Pennsylvania Sees Slight Dip In Gas Prices

Gas prices are five cents higher in Western Pennsylvania this week at $4.258 per gallon, according to AAA East Central’s Gas Price Report.  The national average for a gallon of regular gasoline has dropped two cents over the past week to $4.09. Crude oil prices remain in the $80 per barrel range as instability lingers along the Strait of Hormuz. Gas prices are nearly a dollar higher than they were this time last year. Typically, August brings some relief at the pump as road trips wind down and fall routines get underway for many families. But elevated crude oil prices could have an impact on that seasonal shift.  According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.94 million to 9.04 million. Total domestic gasoline supply remained flat at 211.3 million. Gasoline production increased last week, averaging 9.9 million barrels per day.  At the close of Wednesday’s formal trading session, West Texas Intermediate rose $5.20 to settle at $84.46 a barrel. The EIA reports that crude oil inventories decreased by 7.2 million barrels from the previous week. At 404.5 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.