Northeast Ohio gas prices dropped by two cents this week to $2.762 per gallon, according to AAA East Central’s Gas Price Report.
Most states in the Great Lakes and Central region are seeing cheaper gas prices on the week – however, four states saw prices increase (Ohio, +2 cents). Inventory levels continue to hold slightly above the 52 million barrel mark. According to the latest data released by the Energy Information Administration (EIA), this is the lowest inventory levels of the year for the region and about 2.6 million below levels at this point last year.
This week’s average prices: Northeast Ohio Average: $2.762
Average price during the week of June 4, 2018: $2.779
Average price during the week of June 12, 2017: $2.227
Average prices of the unleaded self-service gasoline in various areas:
$2.719 New Philadelphia
On the National Front
At $2.92, the national gas price average has dropped four cents since the beginning of June. Today’s average is three cents less than a week ago, six cents more than a month ago and 58 cents more expensive than a year ago. On the week, only eight states saw prices increase while all others dropped by as much as 13 cents or remained stable.
Dropping by 713,000 b/d, the EIA reports that demand registers (for the first time since mid-January) just under 9 million b/d. This is surprising, as levels have consistently measured above the 9 million mark every week in June since 2015.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 21 cents to settle at $65.74. Oil prices trended marginally lower last week following EIA’s report that crude production hit 10.8 million b/d last week. The estimate sets another weekly domestic record, which has been a reoccurring phenomenon in 2018. When compared to last year at this point, the U.S. is producing roughly 1.5 million b/d more this year.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com