Gas prices in Northeast Ohio remained flat this week after a significant increase earlier this month. The average price is $2.325 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
Today’s national average price for a gallon of regular unleaded gasoline is $2.41. This price is two cents more expensive than one week ago, 12 cents more than one month ago and 30 cents more than one year ago. The national price has now increased for 20 consecutive days, and pump prices in 43 states and Washington D.C. have moved higher over the last week. This increase was most prevalent in the East Coast region where refiners wrapped up seasonal turnaround resulting in significant prices increases last week.
Drivers in some parts of the Great Lakes region, including Ohio, experienced weekly declines at the pump. Volatility in the region along with early turnaround by regional refineries resulted in significant monthly increases, with Ohio adding 16 cents. The latest Energy Information Administration (EIA) report shows that Midwest refiners raised capacity by 23,000 b/d last week, while gasoline stocks in the region dropped. The decline resulted in the lowest posted inventory numbers for the region in nearly three months.
Last week, crude oil futures held onto the week’s gains closing out above $53 per barrel. Competitive prices were led by reports that OPEC and non-OPEC compliance is above 90 percent and the countries are considering extending production cuts beyond June, the original end date for the agreement reached last November. Participating OPEC countries plan to meet on May 25 to discuss how an extension of their agreement could further rebalance global oil supply and inventory levels.
Markets opened Monday morning with less confidence, countered somewhat by growing U.S. production. The U.S. Energy Information Administration (EIA) reported a larger-than-expected decline in oil stockpiles last week showing growth in U.S. oil output. National crude oil output reached a one-year high of an estimated 9.1 million b/d in March this year. At the close of last week’s formal trading session on the NYMEX, West Texas Intermediate was up seven cents to settle at $53.18 per barrel.
This week’s average prices: Northeast Ohio Average $2.325
Average price during the week of April 10, 2017 $2.332
Average price during the week of April 18, 2016 $2.153
The following is a list of the average price of the unleaded self-service gasoline in various areas:
$2.344 New Philadelphia
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 81 local offices in Ohio, Pennsylvania, West Virginia, New York and Kentucky serving more than 2.7 million members.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com