Weak demand for gasoline and strong supply has keep prices at the pump in check despite oil rising to its highest price in months because of instability in Venezuela, according to the price-checking website GasBuddy.com.
“As the record gasoline supply continues to overshadow markets ahead of the road to summer gasoline, any updrafts at the pump will be small and limited for now, ” said Patrick DeHaan, head of petroleum analysis for GasBuddy.
DeHaan predicted prices at the pump would rise by late February as refiners liquidate their winter gasoline and draw down supply.
Gasoline prices in Pittsburgh have risen 0.9 cents per gallon in the past week to an average of $2.47, according to GasBuddy’s daily survey of 731 stations. Prices are 1.2 cents per gallon lower than a month ago, and 41.3 cents per gallon lower than a year ago.
Nationally, the average fell 0.8 cents per gallon from last week to $2.25. That’s up 1.1 cents per gallon in the last month, and 34.6 cents per gallon lower than a year ago.
Brian Rittmeyer is a Tribune-Review staff writer. You can contact Brian at 724-226-4701, brittmeyer@tribweb.com or via Twitter @BCRittmeyer.
