Northeast Ohio gas prices are hovering around $2.817 per gallon this week, according to AAA East Central’s Gas Price Report.
As gas prices continue to increase across the country, two Great Lakes and Central states have averages of $3 or more: Illinois ($3.04) and Michigan ($3.00). Statewide, Ohio’s gas average ($2.868) is six cents higher than last week, and 51 cents higher than this time last year.
Gasoline inventories have been declining week-over-week for two months. However, with the latest draw (1.6 million barrels), gasoline inventories measure at 54 million barrels, which is about one million more than this time last year.
This week’s average prices: Northeast Ohio Average: $2.817
Average price during the week of May 14, 2018: $2.824
Average price during the week of May 22, 2017: $2.308
Average prices of the unleaded self-service gasoline in various areas:
$2.727 New Philadelphia
On the National Front
Gas prices jumped 12 cents over the past 14 days, and six-cents since last Monday, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014.
Today, 14 states tout an average of $3.00 or more.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate fell 21 cents to settle at $71.28. Oil prices edged higher last week following the release of Energy Information Administration’s (EIA’s) weekly petroleum report that showed total crude inventories dropped by 1.4 million barrels. If this week’s EIA report shows another inventory draw, we can expect crude prices to continue climbing.
Additionally, at 2.57 million barrels per day, crude exports last week saw the highest rate ever recorded by EIA. The new record rate was 690,000 b/d more than the previous week and 1.48 million barrels per day more than this time last year.
Although the U.S. did not add any active oil rigs last week, according to Baker Hughes, Inc., the current total – 844 – is 124 more rigs than this time last year.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 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