Gas prices continue to rise in Western Pennsylvania this week at an average of $4.654 a gallon according to AAA East Central’s Gas Price Report. In Erie gas on average is $4.627 a gallon.
Nationwide prices were trickling down for almost two weeks before shooting back up again with a 34-cent hike in one week. The national average is now $1.29 higher than at this time last year. Oil prices have surged to above $100 per barrel, at this time there is no indication of when the Strait of Hormuz will reopen.
Gas prices are the highest they’ve been in four years since late in July 2022.
The Energy Information Administration (EIA) have provided data that indicates that gasoline demand has increased last week from 9.05 million barrels a day to 9.10 million. Domestically gasoline supply has decreased from 228.4 million to 222.3 million.
Gasoline production decreased last week to an average of 9.8 million barrels a day. West Texas Intermediate rose $6.95 to settle at $106.88 a barrel. According to the EIA crude oil has decreased by 6.2 million barrels from the previous week which is 1% higher than the five-year average for this time of the year.
Per kilowatt hour of electricity has increased by one cent to rest at 41 cents again nationally.