Low oil prices weigh on Pittsburgh-area gasoline

Low oil prices weigh on Pittsburgh-area gasoline

Low oil prices weigh on Pittsburgh-area gasoline

OPEC's move to cut its production helped oil prices initially, but then United States companies ramped up production and supplies. Ohio's prices dropped 7.4 cents per gallon from the previous week.

On the New York Mercantile Exchange Monday, April West Texas intermediate crude oil fell another 9 cents to $48.40 per barrel.

Those higher prices motivated USA producers to add drilling rigs and ramp up production to more than nine million barrels a day - up from 8.2 million barrels in April 2016. US producers added eight more active oil rigs last week despite the drop in oil prices.

"The oil market is under pressure and USA inventories continue to build, despite OPEC efforts to reduce supply", said Gene LaDoucer, North Dakota spokesman for AAA-The Auto Club Group.

The Southern region continues to remain home to some of the nation's lowest average prices for retail gasoline with six of the nation's top 10 least expensive markets.

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Still, analysts say it's a matter of time before gasoline begins a large increase.

The battle took place between two gas stations located across the street from each other at Old Spanish Trail (OST) off of 288. Prices a week ago also were $2.49 at most outlets.

"The oil glut lingers", he said, but should reverse by May.

This time a year ago, the area average was $1.85. Past year saw a three-way fight for clients in a MI resort town bring prices per gallon down to $0.47 - pennies above federal and state excise taxes.

Diesel fuel averages $2.58 per the AP, but these Houston stations marked it down to $1.99. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.

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