|Western PA Gas Prices Up Six Cents|
May 3, 2014
Tuesday’s national average price at the pump is $3.69 per gallon. This is about three cents more than
last week, and 14 cents more than one month ago. The national average is up nearly 19 cents compared
to the same date last year. Despite this differential, Tuesday’s price is lower than the same date in both
2011 and 2012. The price remains in line with AAA’s projection for spring gas prices which expected a
peak between $3.55 and $3.75.
During the second half of April, drivers in the Northeastern corridor have experienced some of the
largest increases in retail prices. Meanwhile, over the last seven days, prices in some Southeastern and
Midcontinent states have declined, including Kentucky (-4 cents). Drivers in 37 states and the District of
Columbia continue to pay a year-over-year premium in the double digits, led by California (+35 cents) and
Georgia (+32 cents).
Ongoing geopolitical tensions between Russia and Ukraine remain a central reason for crude oil prices
remaining elevated, which has contributed to higher gas prices. Additional sanctions on Russia were
issued Monday by the Obama Administration, and market watchers will continue to monitor the situation
closely for any signs of further escalation that could impact global oil supplies. At the close of formal
trading Monday on the NYMEX, WTI closed 24 cents higher at $100.84 per barrel. This marked the 24th
consecutive settlement above $100 per barrel.
This week’s Western PA average price: $ 3.772
Average price during the week of April 22, 2014: $ 3.715
Average price during the week of April 30, 2013: $ 3.517