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West Texas gas prices continue to fall

West Texas gas prices continue to fall

Average pump prices in the Pittsburgh region sit around $2.56 a gallon this morning, down one cent from last week, according to GasBuddy's survey of more than 700 stations in southwestern Pennsylvania.

The EIA forecasts gas prices to average $2.39 per gallon in 2017 and $2.44 per gallon in 2018.

WTI crude closed at $53.86 on the NYMEX on Friday, up only 3 cents from last week's close, but $12.89 above one year ago.

Statewide, prices also did not move, sitting at an average of $2.05 per gallon, GasBuddy reported.

Gas prices have fallen for yet another week in Midland-Odessa. That's about 80 cents more than it was at the same point previous year.

More news: Suspended second round ends with Day, Spieth tied for lead

While low prices are expected over the short-term, motorists can expect to see them rise shortly, experts with the two organizations said.

Analysts say price hikes are due to cuts in global oil production.

National averages, which went up slightly this week, will remain steady in the near future until the yearly seasonal upswing as spring approaches, AAA reported.

The prices for a gallon of regular unleaded gas on Monday across the Bradenton-Sarasota area, according to AAA.

Carrasco said the Energy Information Administration shows weekly gas demand in January was down 6 percent compared to January 2016 and that the agency is forecasting a national average of $2.39 in 2017.

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