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Regional

Pittsburgh gas prices unchanged; could hit $3 per gallon nationally

Brian C. Rittmeyer
| Monday, May 14, 2018, 7:18 a.m.

Gas prices haven't changed in the last week in the Pittsburgh area, but are in danger of hitting $3 per gallon nationally for the first time since 2014, according to GasBuddy.

Oil prices have continued to surge, leading to sharply higher prices at the pump, said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Some of the factors at play in the rising prices (are) President Trump's U.S. withdrawal from the nuclear deal with Iran and oil supplies that have continued to drop as U.S. exports surpass Venezuela — a surprising feat given Venezuela has the largest proven oil reserves in the world,” DeHaan said.

“In addition, as money continues to flow into commodities as bets for higher oil prices rise, there's a strong chance of seeing crude oil prices continue to rally in the weeks ahead, with odds of hitting $3 per gallon nationally now better than 65% just in time for the summer driving season,” he said.

In the Pittsburgh area, the per gallon price remained at $3.07, according to GasBuddy's survey of 731 gas outlets. That compares to national average that has increased 5.7 cents per gallon in the last week to $2.86.

Prices in Pittsburgh are 40.1 cents per gallon higher than the same day a year ago, and 16 cents per gallon higher than a month ago.

The national average has gone up 15.4 cents per gallon in the last month, and is 53.8 cents per gallon higher than a year ago.

For live fuel price averages, visit fuelinsights.gasbuddy.com .

Brian C. Rittmeyer is a Tribune-Review staff writer. Reach him at 724-226-4701, brittmeyer@tribweb.com or on Twitter @BCRittmeyer.

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