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High demand, low supply pushing gas prices higher

October 13, 2018

Higher demand and lower supply are pushing gasoline prices higher, an analyst says.

“We may even soon see $3 per gallon nationally, which would be the first time since October 2014, if oil prices continue to rise,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “I, along with motorists, will be eagerly awaiting any relief at the pump, but don’t hold your breath -- it may get worse before it gets better.”

In the past week, gas prices in Pittsburgh have gone up 2.9 cents per gallon, to an average of $3.14, according to GasBuddy’s survey of 731 stations. That’s higher than the national average, which was up 2.2 cents per gallon to $2.91.

“The national average gas price has broken out of a well-established rut, climbing above $2.90 per gallon for the first time since mid-June on rising oil prices ahead of the reinstatement of sanctions against Iran and OPEC failing to pump enough oil to meet robust demand,” DeHaan said.

In Pittsburgh, prices yesterday were 2.7 cents per gallon higher than a month ago, and 35.1 cents per gallon higher than a year ago. The national average is 6 cents per gallon higher from a month ago, and 43.7 cents per gallon higher than a year ago.

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