Gas Prices Increase by Half a Penny

The average price for a gallon of regular, unleaded gasoline in Western PA is $3.333. This current price is a half penny more than the previous week.

According to AAA’s Fuel Gauge, the price of West Texas Intermediate (WTI) crude oil finished down at $97.77 at the close of formal trading on the NYMEX Monday. The drop was attributed to the ongoing dismal outlook for the global economy, particularly in the euro zone where sovereign debt concerns remain front of mind. This sentiment resulted in global equities markets turning lower, while the U.S. dollar strengthened relative to foreign currencies.

The same factors that have impacted crude prices for the last several months continued to exert pressure on prices last week, as global economic malaise and demand destruction remained the primary focus of traders. Early-week warnings that the sovereign debt of all 17 euro zone countries—including Germany and France—could have their ratings downgraded, along with Thursday’s news that the European Central Bank would halt bond purchases, were seen as bearish news and sent crude prices tumbling. While reports later in the week showed improving U.S. consumer sentiment and reduced domestic jobless claims, as well as euro zone nations pledging to accept tighter fiscal policies, it was not enough to recover from the worrying news earlier in the week.

The current national retail average price for a gallon of self-serve regular gasoline is $3.27 — Today’s price is fractions of a penny less than one week ago and 16 cents less than one month ago. Today’s price marks a 30-cent year-over-year premium.

This week’s average prices: Western PA Average $3.333

Average price during the week of December 6, 2011 $3.328

Average price during the week of December 14, 2010 $3.083

The following is a list of the average price of unleaded self-serve gasoline in various areas:




$3.359
Altoona

$3.358
Beaver

$3.358
Bradford

$3.151
Brookville

$3.391
Butler

$3.349
Clarion

$3.152
Du Bois

$3.279
Erie

$3.322
Greensburg

$3.357
Indiana

$3.364
Jeannette

$3.399
Kittanning

$3.345
Latrobe

$3.349
Meadville

$3.372
Mercer

$3.294
New Castle

$3.382
New Kensington

$3.353
Pittsburgh

$3.349
Sharon

$3.387
Uniontown

$3.357
Warren

$3.303
Washington

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