Gas prices in Northeast Ohio have increased by a penny to $2.740 per gallon this week, according to AAA East Central’s Gas Price Report.
Across the Great Lakes and Central States, most states saw increases at the pump and no states saw decreases. The seven states that saw large declines last week are seeing higher pump prices this week. After dropping by 13 cents statewide last week, Ohio’s gasoline average increased 8 cents over the week to $2.78.
According to the Energy Information Administration (EIA), gasoline inventories in the region declined for a third week. With the drop, total inventories are at the lowest mark of the year at 51.6 million barrels, a 1.2-million year-over-year deficit. If inventories continue to tighten, motorists in the region can expect gas prices to climb.
This week’s average prices: Northeast Ohio Average: $2.740
Average price during the week of July 23, 2018: $2.734
Average price during the week of July 31, 2017: $2.276
Average prices of the unleaded self-service gasoline in various areas:
$2.723 New Philadelphia
On the National Front
As U.S. gasoline demand strengthened and supply declined, the national gas price average increased by two-cents on the week to land at $2.86. According to the latest EIA report, total crude inventories fell on the week and now register at 405 million barrels, which is 80 million lower than levels at the same time last year.
As crude and gasoline inventories tighten, motorists may see gas prices trend higher and remain volatile. On the week, pump prices increased as much as 11-cents for some states with others seeing decreases of up to four-cents.
While today’s gas price average is one-cent less than last month, it is 55-cents more than a year ago and crude oil prices are up $20/bbl compared to this time last year. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 92 cents to settle at $68.69. Oil prices trended higher with the release of EIA's weekly report that total crude inventories fell by 6.2 million barrels and face a year-over-year deficit.
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