An OPEC deal to cut oil production will not have an immediate impact on gasoline prices, which have fallen for a seventh straight week as the covid-19 pandemic and stay-at-home orders crush demand, according to an industry analyst.
“Establishing a floor on ultra-low oil prices will hopefully keep U.S. oil production online instead of bankrupting producers,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Going back to gas prices, I expect prices to continue moderating for now, as gasoline demand appears to remain near 50-year lows.”
In the Pittsburgh area, gas prices fell 4.7 cents per gallon in the past week to an average of $2.19, according to GasBuddy’s survey of 731 stations. That’s 30.9 cents per gallon less than it was a month ago — and 85.9 cents per gallon under the price a year ago.
Prices in the Pittsburgh area range from a low of $1.59 per gallon up to $2.79, a difference of $1.20. Statewide, the price range is $1.59 to $2.89, a difference of $1.30 per gallon, according to GasBuddy.
The national average has fallen 7.2 cents per gallon to an average of $1.83. That’s 42.3 cents per gallon less than a month ago, and about $1 less than a year ago.
Neighboring areas and their current gas prices:
• Akron — $1.41, down 8.6 cents per gallon from last week;.
• Cleveland — $1.48, down 6.3 cents per gallon from last week;
• West Virginia — $1.82, down 3.7 cents per gallon from last week.
