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Gasoline prices continue to rise, but increases could slow on weak demand

Brian C. Rittmeyer
| Monday, January 9, 2023 1:55 p.m.
AP

Average gasoline prices are on the rise in the Pittsburgh area and across the state and nation, but there is hope those increases could slow down, an analyst said.

“Last week, the rise in gasoline prices continued, still due to previous refinery outages caused by the cold weather the week of Christmas,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “However, I’m optimistic that as refiners get back online, we could see the increases slow down as we head into the time of year when gasoline demand is at its weakest.”

According to AAA, the national average was $3.28 per gallon Monday. That’s about 6 cents more than a week ago, but about 4 cents less than a month ago and 2 cents less than a year ago.

AAA reported Pennsylvania’s statewide average at $3.65 per gallon. That’s about 2 cents more than a week ago, 16 cents less than a month ago and 13 cents more than a year ago.

County averages across Pennsylvania range from $3.48 per gallon to $3.79, with the lower prices seen primarily in eastern counties, according to AAA.

County averages in and around the Pittsburgh area, according to AAA:

• Allegheny: $3.70

• Armstrong: $3.76

• Beaver: $3.72

• Butler: $3.72

• Washington: $3.69

• Westmoreland: $3.74

GasBuddy reported the average in the Pittsburgh area on Monday at $3.70 per gallon. That’s up 2.1 cents in the past week, 13.7 cents less than a month ago and 19.5 cents higher than a year ago.

Prices in the Pittsburgh area ranged from $3.28 per gallon to $3.99, a difference of 71 cents per gallon, GasBuddy reported. Statewide, prices ranged from $2.89 up $4.19, a difference of $1.30 per gallon.

Neighboring areas and their current gas prices:

• Akron: $3.40, up 13.6 cents per gallon from last week.

• Cleveland: $3.37, up 12.9 cents per gallon from last week.

• West Virginia: $3.17, up 12.9 cents per gallon from last week.

The national average price of diesel stands at $4.64 per gallon, down 2.1 cents in the past week, according to GasBuddy.

“While gasoline prices have rallied, average diesel prices continue to drift lower, which certainly bodes well for the overall economy,” De Haan said. “As long as refiners are able to get back online soon from previous cold-weather outages, we could see supply start to recover at the same time demand is weak, which could bring gas prices down again. The window of opportunity, however, is shrinking, and by late February or early March, we’ll likely kick off the seasonal rise in gasoline prices.”