Gas prices in Northeast Ohio have dropped over seven cents to $2.718 per gallon this week, according to AAA East Central’s Gas Price Report.
On the week, gas prices across the Great Lakes and Central states are seeing declines or stabilization. Ohio (-10 cents) had the largest weekly decrease in pump prices in the country and the region.
The majority of states across the country are paying less to fill-up at the pump compared to last month with four Great Lakes and Central states landing on the top five list: including Ohio (-18 cents).
With a substantial 1.7 million oil barrel build, gasoline inventories are above the 53 million oil barrel mark for the first time in a month. In fact, this was the first build for the region since the end of June and contributed to this week’s cheaper or stable prices across the Great Lakes and Central states.
This week’s average prices: Northeast Ohio Average - $2.718
Average price during the week of August 6, 2018 - $2.791
Average price during the week of August 14, 2017 - $2.531
Average prices of the unleaded self-service gasoline in various areas:
$2.667 New Philadelphia
On the National Front
The national gas price average has held relatively flat for the last two weeks. Today’s national average is $2.86. EIA latest reports detail a drop in consumer gasoline demand and a build in gasoline inventories. In fact, this was the first increase in inventories in six-weeks with a substantial addition of 3 million oil barrel.
On the week, states are seeing pump price jumps as high as eight cents and drops as much as a dime. Today’s gas price average is one-cent less than last week, three-cents less than one month ago and 51-cents more than this time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 82 cents to settle at $67.63.
In related news, according to Baker Hughes, Inc., the U.S. added 10 oil rigs last week, bringing the total to 869. Currently, there are 101 more active rigs this year than last year at this time.
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:
Herman Jenkins, Director of Public Affairs
Desk: 412-365-7278 / Cell: 216-618-6944 / Email: Jenkins.Herman@aaaec.com