Northeast Ohio Gas Prices Jump 5 Cents

Northeast Ohio Gas Prices Jump 5 Cents

Gas Prices

Northeast Ohio Gas Prices Jump 5 Cents

(August 10, 2015) -- Northeast Ohio gas prices are up a nickel, according to AAA East Central’s Fuel Gauge report. The national average is $2.591.

This week’s Northeast Ohio average price:

$2.389

Average price during the week of August 3, 2015:

$2.340

Average price during the week of August 12, 2014:

$3.504

On the National Front

The national average price for regular unleaded gasoline has fallen for 26 consecutive days. This is the longest streak of consecutive declines since January, and pump prices have moved lower by 19 cents per gallon over this period. Today’s average gas price is 89 cents per gallon lower than this same date last year.

West Texas Intermediate (WTI), the domestic benchmark for crude oil, has reached its lowest price since March 2015, and market fundamentals point to prices moving lower in the near term. Oversupply continues to characterize the oil market, and according to the latest report from the U.S. Energy Information Administration (EIA), refinery utilization rates are running at record highs. Pump prices are likely to post notable declines leading up to the Labor Day holiday. 

Expectations that the global oil market will remain oversupplied in the near term are keeping downward pressure on the price of crude. The Chinese economy continues to show signs of weakness, which increases concerns that this expected driver of global consumption may not be poised to help counter the market’s oversupply. The global oil market is also paying close attention to the potential for Iranian oil to return to market as early as this fall, as well as high production from the U.S. and Saudi Arabia, OPEC’s swing producer.

Domestic focus has shifted to the potential for a glut in gasoline due to strong refinery runs and the potential for demand to drop as the summer-driving season concludes. In addition, U.S. crude oil rig counts have added 32 rigs over the last six weeks. Combined with record refinery runs, it is increasingly likely that excess supply will characterize the domestic market and keep downward pressure on WTI. At the close of Friday’s formal trading on the NYMEX, WTI settled down 79 cents at $43.87 per barrel, which was a five-month low.

$2.304

Alliance

$2.443

Ashland

$2.423

Ashtabula

$2.469

Aurora

$2.372

Chesterland

$2.370

Cleveland

$2.420

Elyria

$2.436

Independence

$2.355

Lorain

$2.455

Lyndhurst

$2.336

Massillon

$2.362

Mentor

$2.386

New Philadelphia

$2.226

Niles

$2.436

Norwalk

$2.469

Oberlin

$2.376

Parma

$2.339

Ravenna

$2.416

Solon

$2.480

Willard

  $2.301       Youngstown

 

-AAA-

AAA East Central is a not-for-profit association with 83 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.