Northeast Ohio Gas Prices Increase; Price Jumps Cool Off Nationwide

Gas Prices, Ohio
NationalComparison_4-22-19

The average price for gasoline across Northeast Ohio is seven cents higher this week at $2.668 per gallon, according to AAA East Central’s Gas Price Report. 

In a change of pace for the region, five Great Lakes and Central region states saw gas price decreases on the week, including Ohio (-5 cents).  For the other nine states in the region, gas price averages increased as much as four cents since last Monday. 

The Energy Information Administration (EIA) reports that gasoline stocks drew by 415,000 barrels, dropping total regional levels to 51.8 million barrels.  However, the EIA also reports that regional refinery utilization has increased from 86.5 percent to 92.4 percent indicating that the coming weeks could see increased production and stock levels.  This could potentially help to keep gas prices stable.

This week’s average prices: Northeast Ohio Average                         $2.668
Average price during the week of April 15, 2019                                  $2.595
Average price during the week of April 23, 2018                                  $2.670

Average prices of the unleaded self-service gasoline in various areas:

$2.667        Alliance
$2.583        Ashland
$2.599        Ashtabula
$2.799        Aurora
$2.742        Chesterland
$2.701        Cleveland
$2.697        Elyria
$2.684        Independence
$2.613        Lorain
$2.712        Lyndhurst
$2.631        Massillon
$2.644        Mentor
$2.562        New Philadelphia
$2.572        Niles
$2.675        Norwalk
$2.664        Oberlin
$2.632        Parma
$2.745        Ravenna
$2.729        Solon
$2.718        Willard
$2.660        Youngstown

On the National Front 
With only a penny increase on the week, the national gas price average saw the smallest one-week jump since mid-February.  For the last eight weeks, weekly jumps ranged anywhere between a nickel and a nearly a quarter.  Thirty states saw pump prices increase or decrease by three cents or less, which helped keep the national average relatively steady. 

While the slow-down in gas prices is a welcomed change by motorists, it could be temporary.  Gasoline stocks nationwide continue to tighten, measuring below levels compared to the same time in the past three years.  While imports are helping and West Coast refinery maintenance is nearly finished for the time being, it’s too early to know exactly how much these factors will steady prices, especially as the summer driving season approaches. 

Due to Good Friday observance, markets were closed, but at the end of Thursday’s formal trading session on the NYMEX, West Texas Intermediate increased 24 cents to settle at $64.00.  EIA data released last week reported total U.S. crude oil stockpiles dropped by 1.4 million barrels to 455.2 million.  Crude imports to the U.S. also slowed: the most recent week's import rate of 5.992 million b/d is almost 2 million b/d lower than the same week last year.  EIA also reported that total U.S. gasoline inventories dropped by 1.2 million barrels.  

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.