Northeast Ohio gas prices are down by nearly three cents this week to $2.392 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are less expensive on the week across the Great Lakes and Central region, including in Ohio (-8 cents) which was amongst the largest weekly changes in the nation’s top ten markets. At $2.37, Ohio is selling the cheapest gas in the region and the 7th cheapest in the country.
Compared to one month ago, Ohio (-13 cents) is one of only six states in the country that is paying less at the pump. These states have seen very volatile gas prices since January.
Gasoline inventories in the region have built every week this year according to Energy Information Administration (EIA) reports. With a build of nearly 1 million barrels, gasoline inventories total 57 million barrels this week.
This week’s average prices: Northeast Ohio Average: $2.392
Average price during the week of February 5, 2018: $2.418
Average price during the week of February 13, 2017: $2.080
Average prices of the unleaded self-service gasoline in various areas:
$2.406 New Philadelphia
On the National Front
At $2.58, the national gas price average has decreased for the first time week-over-week this year. Today’s price is 3 cents less than last week, 6 cents more than a month ago and 30 cents more than a year ago.
Consumer gasoline demand and gasoline inventories increased according to the latest EIA reports. Hitting its highest level this year, gasoline demand registered at 9.1 million b/d, a 169,000 b/d increase year-over year. Total U.S. gasoline inventories built by 3.4 million barrels to total 245.5 million, which sits about 1.4 million above the five-year average.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by nearly $2 to settle at $59.20. Price gains made throughout January, which saw a closing high of $66.27, were wiped away after trading last week. Last week’s losses, which were buoyed by a strengthening dollar, may continue into this week after EIA’s latest weekly petroleum report revealed that U.S. crude production hit 10.25 million b/d – a new record weekly production rate.
A sign of potentially explosive growth in U.S. crude production, the latest Baker Hughes, Inc. report found the active oil rig count in the U.S. grew by 26 new rigs last week to total at 791. This is the highest number of active rigs since April 2015, and it will likely push production to even higher levels later this year.
Motorists can find current gas prices at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com