Gas prices set a record in region, across Pennsylvania
Katherine Mansfield/Observer-Reporter
Gas is $4.99 per gallon at the CoGo’s along East Pike Street in Houston. Gas prices reached a record high across the state Wednesday.
Katherine Mansfield/Observer-Reporter
Gas is $4.99 per gallon at the CoGo’s along East Pike Street in Houston. Gas prices reached a record high across the state Wednesday.
Pennsylvania set a record Wednesday, but it was hardly an occasion anyone on a budget was celebrating.
The average cost of a gallon of gasoline across the commonwealth hit $5, continuing a weeks-long trend of rising prices that is hammering consumers just as they are embarking on or contemplating road trips after two years of pandemic constraints. It’s slightly ahead of the national average and slightly ahead of the average price in Washington County, which stood at $4.99 Wednesday. In Fayette County, the average price wasn’t much better at $4.97.
Nevertheless, it’s anticipated that many consumers are going to bite the bullet and take those highly-anticipated journeys, even as gasoline hits $5 a gallon.
“There’s a lot of pent-up demand,” according to Jim Garrity, director of public affairs for AAA East Central.
The national average is $4.85, an increase of 26 cents over a week, 56 cents from one month ago and $1.81 higher than a year ago. The surging costs of gasoline have been fueled by Russia’s war in Ukraine, by China ending its recent COVID-19 lockdowns, tanks being filled with more expensive summer-blend fuel and plain old demand thanks to increased travel in the warm-weather months.
On Tuesday, U.S. Treasury Secretary Janet Yellen told the Senate Finance Committee, “Given the global nature of these markets, it’s virtually impossible for us to insulate ourselves from shocks like the ones that are occurring in Russia that move global oil prices.”
The cost of a barrel of oil has been trading at about $120. This stands in sharp contrast to March 2020, when its value plunged to $32 per barrel, as the world began COVID-19 lockdowns and most travel came to a halt. Analysts at Goldman Sachs have predicted the price could go as high as $140 per barrel, which would drive up prices at the pump.
Diesel fuel prices are also setting records. Writing on the website GasBuddy, petroleum analyst Patrick DeHaan explained that the high cost of diesel is “a second gut punch to consumers, which pushes the price of most goods higher.”
Rather than put off the getaways that have been held in abeyance for the last two years, Garrity said some consumers are trying to make changes to their daily routines to reduce their gasoline consumption, whether it’s working from home, or combining errands into one trip. He also noted that speeding and cranking up the air conditioner in a vehicle can also burn more fuel.