June 19–Average gas prices have fallen to the lowest level in a month, and increased oil supply will keep prices down, according to GasBuddy.
“While many are still bitter over having to pay more than last year, prices certainly could have moved higher if there hadn’t been pressure on OPEC to act now that the (previous) glut of crude oil has been absorbed into the market,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
“We see gas prices falling slightly into late June or early July before odds rise of hurricane season leading to some volatility at the pump, which could lead prices higher short term,” he said.
In Pittsburgh, gasoline prices have fallen 2.7 cents per gallon in the past week to an average of $3.12, according to GasBuddy’s survey of 731 stations. The average price hasn’t been over $3 per gallon at this time of the year since 2014, when it was $3.79.
That’s higher than the national average of $2.89 per gallon, which is down 2.4 cents per gallon from last week.
Pittsburgh prices are 52.7 cents higher than a year ago, and are 1.4 cents per gallon lower than a month ago.
The national average has dropped 3.1 cents per gallon during the last month and is 60.9 cents per gallon higher than a year ago.
“Average gas prices in the U.S. have fallen to their lowest in a month, following oil’s continued slump as OPEC appears poised to adjust oil production levels and the U.S. nears its hitting 11 million barrels of oil pumped per day, the highest level ever,” DeHaan said. “Oil bulls may see their day again this summer, but the prospects of higher oil supply have diminished the value of oil for the time being, and that’s leading to what nearly every American has been rooting for as of late — lower gas prices.”
Brian C. Rittmeyer is a Tribune-Review staff writer. Reach him at 724-226-4701, email@example.com or on Twitter @BCRittmeyer.
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