PENNSYLVANIA — Despite predictions of a rise in oil prices following the Organization of the Petroleum Exporting Countries’ (OPEC) announcement to extend production cuts through to the end of 2023, gas prices in Pennsylvania have shown an unexpected drop in the past week.
The OPEC’s decision, originally intended to boost oil prices and generate higher profits for producers among its member countries, has indeed driven the cost of oil to its highest point this year. However, this increase hasn’t yet translated into higher prices at the pump, with experts warning that if it does, inflation could continue to surge into 2024.
According to data compiled by Stacker, as of September 8, the price of gas in Pennsylvania dropped by $0.02 in the last week, a decrease of 0.4% to $3.86. This shows a year-on-year decrease of $0.10 or 2.6% from the previous year. The historical high for gas prices in the state was recorded on June 12, 2022, at $5.07.
Similarly, diesel prices have also seen a decline over the last week, falling by $0.04 or 0.9% to a current price of $4.68. This represents a significant annual decrease of $0.57 or 10.8%. The most expensive diesel price in Pennsylvania’s history was recorded on May 18, 2022, at $6.33.
Among the cities with the highest gas prices in Pennsylvania, Erie tops the list with $3.96 per gallon, followed by Gettysburg at $3.93, and York at $3.90.
Comparatively, states with the most expensive gas prices are California at $5.37, Washington at $5.07, and Hawaii at $4.80. On the other end of the spectrum, the least expensive gas prices can be found in Mississippi at $3.27, Louisiana at $3.35, and Texas at $3.38.
The recent drop in Pennsylvania’s gas prices defies market expectations and provides a temporary respite for local consumers. However, with OPEC’s production cuts set to continue, it remains to be seen if this trend will persist or if higher oil prices will eventually lead to increased costs at the pump.