Price of oil drives gas prices down

The average price of a gallon of gas has dipped below $3.80 in Warren.

That’s according to the the AAA East Central Gas Price Report which details a $3.797 price in Warren, still six cents above the regional average.

The regional price one year ago was $4.31 per gallon.

Declines are due to change to the price of oil.

“The global oil price plunged into the low to mid $60 per barrel, a level not seen since August 2021,” the report explained. “Crude prices have dropped this week amid rising market concerns about the health of the global banking sector.”

Crude inventories also increased week-over-week.

“Increasing demand amid tighter supply would typically push pump prices higher; however, lower oil prices have countered this effect,” the report states.

Warren’s $3.797 remains among the highest in the region, surpassed only by Mercer ($3.826). The lowest price in the region can be found in Sharon at $3.589 per gallon.


Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *


Starting at $4.62/week.

Subscribe Today