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Gas prices take biggest one-week plunge for 2018

November 30, 2018

The past week saw the biggest one-week decline in gasoline prices this year, with the national average falling to its lowest level since April, a gas price analyst says.

“Any politician taking credit ahead of the elections is absolutely pulling your leg,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “We should see prices move lower yet again -- but this behavior is par for the course every autumn.”

Gas prices in Pittsburgh fell 4.9 cents per gallon in the past week, to an average of $3.02 per gallon, according to GasBuddy’s daily survey of 731 stations. That compares to the national average of $2.73, which is down 7 cents per gallon.

Locally, prices are 11.7 cents per gallon lower than a month ago, but 20.3 cents per gallon higher than a year ago. The national average is 17.7 cents per gallon lower from a month ago, and 20.9 cents per gallon higher than a year ago.

“Oil markets have been weak as refinery maintenance season has slowed down crude oil inputs, leading to oil inventories that have risen noticeably. In addition, jitters over the economy and stock market have helped to push values down,” DeHaan said.

“In addition, sanctions on Iran were reimposed yesterday, but while some countries that import oil from Iran have waivers, those waivers may be temporary -- so the drop at the pump may not continue indefinitely,” he said.

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