Northeast Ohio Gas Prices Drop Off, Summer Driving Season Coming to a Close

Ohio, Gas Prices
Choosing gas octane by Mike Mozart
Photo by Mike Mozart https://www.flickr.com/photos/jeepersmedia/ creativecommons.org/licenses/by/4.0/  

Gas prices in Northeast Ohio are down by nine cents over the week at $2.732 per gallon, according to AAA East Central’s Gas Price Report.

Gas prices continue to be volatile in the Great Lakes and Central states, with averages as much as seven-cents cheaper to six-cents more expensive on the week.  While some states in the region saw slight increases at the pump due to the holiday weekend, most states are seeing cheaper pump prices, which will likely be the trend for the region in coming weeks as gasoline demand is expected to level off.

Despite a draw in inventory, regional levels remain at a healthy nearly 53 million barrels – which is helping to keep most gas prices down.  The Energy Information Administration (EIA) reports that total levels are on par with this time last year.

This week’s average prices: Northeast Ohio Average: $2.732
Average price during the week of August 27, 2018: $2.825
Average price during the week of September 5, 2017: $2.558

Average prices of the unleaded self-service gasoline in various areas:

$2.690        Alliance
$2.755        Ashland
$2.687        Ashtabula
$2.799        Aurora
$2.803        Chesterland
$2.762        Cleveland
$2.724        Elyria
$2.722        Independence
$2.703        Lorain
$2.812        Lyndhurst
$2.614        Massillon
$2.695        Mentor
$2.586        New Philadelphia
$2.646        Niles
$2.894        Norwalk
$2.881        Oberlin
$2.700        Parma
$2.593        Ravenna
$2.781        Solon
$2.788        Willard
$2.736        Youngstown

On the National Front 
At $2.83, the national gas price average is trending lower toward gas prices that motorists haven’t seen since early May.  Today’s national gas price average is one-cent less on the week, four-cents cheaper than last month, but still 19-cents more than a year ago.

Motorists took advantage of these stable and lower prices by driving gasoline demand to its highest level ever on record at 9.899 barrels for the week ending August 24, according to the EIA.  But that spike is not expected to continue.  With summer coming to a close, demand is expected to drop off in the coming weeks which means – barring any unforeseen circumstances – motorists can expect to see gas prices steadily decline.  

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 45 cents to settle at $69.80.  Oil prices reflected modest gains last week, following the release of EIA’s report which showed U.S. crude inventories fell nearly 2.6 million barrels.  The U.S. also saw gasoline production increase last week, averaging 10.2 million barrels per day and refinery capacity sitting at 93.6%.  Another sign of increased U.S. production came with the gain of two oil rigs bringing the U.S. total to 862 according to Baker Hughes.

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

-AAA-