Northeast Ohio Gas Prices Up 4 Cents

Ohio, Gas Prices
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Northeast Ohio gas prices have increased almost four cents, according to AAA East Central’s Fuel Gauge report. The national average is $2.659.

This week’s Northeast Ohio average price:

$2.487

Average price during the week of May 4, 2015:

$2.450

Average price during the week of May 13, 2014:

$3.714

On the National Front

The national average price of gas has increased for 26 days to $2.66 per gallon, which is the highest average of the year. Relatively low crude costs continue to translate to significant savings at the pump for consumers. Today’s national average is about a dollar less than a year ago and is at the cheapest level for this date since 2009.

AAA predicts that automotive travel this Memorial Day holiday will be up 5.3 percent (33 million travelers) compared to last year’s holiday weekend, which would be the highest volume in ten years. Gas prices may not change all that much by the holiday weekend, which would result in the cheapest Memorial Day gas prices in at least five years.

The price of crude has moved higher since the middle of March due to slowing U.S. production, a weakening U.S. dollar and speculation of demand growth from China. Despite the price increase, many market watchers believe that the recent rally may be nearing an end due to oversupply continuing to characterize the global market, effectively putting a ceiling on how high the price can go. The global oil cartel OPEC appears to be maintaining its strategy of high production levels and is scheduled to convene in June to reassess supply quotas, but in the meantime all eyes remain on U.S. production levels based on its new position as swing producer. 

The domestic benchmark West Texas Intermediate posted a weekly gain for the seventh consecutive week but remains significantly below the 2014 high of $107.95 per barrel. At the close of formal trading on the NYMEX, WTI settled 45 cents higher at $59.39 per barrel. 

$2.360

Alliance

$2.548

Ashland

$2.552

Ashtabula

$2.488

Aurora

$2.558

Chesterland

$2.506

Cleveland

$2.510

Elyria

$2.532

Independence

$2.483

Lorain

$2.493

Lyndhurst

$2.381

Massillon

$2.479

Mentor

$2.376

New Philadelphia

$2.510

Niles

$2.484

Norwalk

$2.461

Oberlin

$2.469

Parma

$2.453

Ravenna

$2.514

Solon

$2.574

Willard

$2.450 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.