The pace of gasoline price increases appears to have peaked over the weekend and is beginning to gently fall, an industry analyst said Monday.
“Average gasoline prices continued to move up last week thanks to a continued rise in oil and continued pressure from hot weather that impacted refineries,” said Patrick De Haan, head of petroleum analysis at price tracking service GasBuddy.
“But, with oil remaining under pressure from Saudi Arabia extending its 1 million barrel per day production cut into September, the respite from gasoline rising may not last long,” he said. “Plus, there remain unknowns about hurricane season that will likely become more active in the weeks ahead.”
AAA reported the national average Monday at $3.83 per gallon. That’s about 7 cents per gallon more than a week ago and 29 cents more than a month ago, but 24 cents less than a year ago.
Nationally, state averages range from about $3.33 in Mississippi to $5.07 in California, according to AAA.
AAA reported Pennsylvania’s average at $3.91 on Monday. That’s about 5 cents more than a week ago and 27 cents more than a month ago, but 49 cents less than a year ago.
Across the state, AAA reported county averages ranging from about $3.81 to about $4. Averages in the Pittsburgh area are at the lower end:
• Allegheny: $3.85
• Armstrong: $3.84
• Beaver: $3.86
• Butler: $3.85
• Washington: $3.84
• Westmoreland: $3.87
GasBuddy reported the Pittsburgh-area average at $3.84 per gallon, based on its survey of 731 stations. That’s about 1 cent more than a week ago and 22 cents more than a month ago, but 53 cents less than a year ago.
Pittsburgh-area prices ranged from $3.45 to $3.99, a difference of 54 cents, GasBuddy reported.
Neighboring areas and their current gas prices, according to GasBuddy:
• Akron: $3.39, down 10 cents from last week.
• Cleveland: $3.46, down 4 cents from last week.
• West Virginia: $3.57, up 6 cents from last week.
The national average price of diesel has increased about 15 cents in the past week to $4.14, according to GasBuddy.
“Diesel will likely continue to see upward momentum while gasoline price increases should become more limited,” De Haan said.