Gasoline prices continue decline despite oil prices moving higher, analyst says
Gasoline prices have continued to fall in the Pittsburgh area and across the nation.
“For its eighth straight week, the national average has declined even as oil prices have bucked the trend in the last week, moving higher on optimism over upcoming trade talks between China and the United States,” said Patrick DeHaan, head of petroleum analysis for the price-tracking website GasBuddy.com.
In the Pittsburgh region, gas prices are down 1.8 cents per gallon in the past week, averaging $2.76, according to GasBuddy’s survey of 731 stations. That’s 14.5 cents per gallon less than a month ago, and 34.7 cents per gallon less than a year ago.
Nationally, the average price is down 1 cent per gallon in the past week, averaging $2.55. That’s 9.9 cents per gallon less than a month ago, and 28.7 cents per gallon less than a year ago.
“Moving forward, I believe the market will closely watch the October trade talks (between the United States and China) and any comments made between the countries until then, and gas prices will track with optimism — should there be a positive conciliatory tone between the two, we may see a more organized, but temporary, upward move,” he said. “If trade talks fall apart, then expect more price declines that will accelerate in the weeks ahead.”
Brian C. Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, [email protected] or via Twitter .