Saturday, 20 October, 2018

Gas prices down in Pittsburgh, but a surge is expected

Gas prices down in Pittsburgh, but a surge is expected Gas prices down in Pittsburgh, but a surge is expected
Russell Knight | 12 March, 2018, 21:41

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the prior price drop was halted by a rise in crude oil costs.

The average gas price in DE is down about three cents a gallon from a week ago and only a few cents higher than the price a year ago at this time. That compares to $2.30 one year ago.

That price is still about nine cents higher than the national average. The state average of $2.50 is 15 cents less than a month ago, but 22 cents more than this time previous year. "Gasoline prices remain in somewhat of a limbo as a result, with a mixed bag at pumps across the United States", said Patrick DeHaan, head of petroleum analysis for GasBuddy.

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The Dearborn-based auto club says early Monday that the average price for self-serve regular unleaded gasoline was about $2.59 per gallon.

According to Gasbuddy, states where prices moved most last week were: MI (up 7 cents); California, Indiana, and OH (up 4 cents); Kentucky and Florida (down 4 cents); and Georgia, Pennsylvania, West Virginia, and Colorado (down 3 cents). But other areas saw increases - Akron up 5.3 cents to $2.33, and Cleveland up 7.7 cents to $2.38. "Pump prices are sliding right now because crude and gasoline output have remained strong". The lowest was in El Paso, Texas, at $2.19 a gallon. This could lend weight to oil prices being too high, but at the same time, we continue to see if any major disruptions occur at USA refineries to offset any devaluation in the price of oil. On Tuesday, the EIA released updated its Short-Term Energy Outlook, noting WTI crude oil prices will average $58 per barrel in 2018 and 2019.

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