After dropping by 15 cents last week, the average price for gasoline across Northeast Ohio is 15 cents more expensive this week at $2.767 per gallon, according to AAA East Central’s Gas Price Report.
There is volatility at the pump across the Great Lakes and Central states, with eight states seeing gas prices increase since last Monday. These increases are due in-part to regional refinery maintenance. On the week, Ohio (+11 cents) saw the largest increase in the country and region.
Gasoline inventory grew by half a million barrels on the week to push totals up to 47.8 million. Currently, stocks are sitting at their lowest level of the year, which is not ideal given the seasonal increase in travel.
This week’s average prices: Northeast Ohio Average $2.767
Average price during the week of May 28, 2019 $2.619
Average price during the week of June 4, 2018 $2.779
Average prices of the unleaded self-service gasoline in various areas:
$2.767 New Philadelphia
On the National Front
Today’s national average is $2.81, which is two cents cheaper than last week, eight cents less than last month, and 13 cents less than last year. Across much of the country, motorists are saving as much as 23 cents/gallon to fill up as compared to last month.
The lowering cost of gasoline has been aided by cheaper crude oil. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate fell by $3.09 to $53.50. Crude prices suffered a major loss last week, the largest in six months, after new trade tensions emerged between the U.S. and Mexico, a key U.S. trade partner and a major supplier of crude oil. Moving into this week, growing global trade war fears will likely push crude prices down.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.