Oct. 29–Sliding oil prices are keeping the door open to falling as prices, said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“In fact, in the next 24 hours we’ll likely see the national average fall to its lowest point in over six months,” DeHaan said. “Saudi Arabia has indicated it is prepared to raise oil production, addressing what had been a major concern ahead of Iran sanctions taking effect.”
In Pittsburgh, gas prices have fallen 3.5 cents per gallon in the past week, to an average of $3.07 per gallon, according to GasBuddy’s daily survey of 731 stations. The national average came down 2.9 cents per gallon, to an average of $2.81.
Prices in Pittsburgh are 4 cents per gallon lower than a month ago, but 32.9 cents per gallon higher than a year ago. The national average has dropped 6.6 cents per gallon during the last month and stands 35.6 cents per gallon higher than a year ago.
“Oil prices have fallen over 10 percent in recent weeks, providing the bulk of the gas price relief we’re seeing, and will continue to see for the next week or two at least,” DeHaan said. “While there is still some anxiety globally over a lack of spare oil capacity, the market has been laser focused on discussion from oil producers, including Russia, that they will act to raise production. OPEC meets in early December, and any official increase in oil production could go a long way to temper concerns of shortcomings in the market.”
Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, firstname.lastname@example.org or via Twitter @BCRittmeyer.
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