After dropping by nearly 13 cents last week, gas prices in Northeast Ohio are down by another nine cents over the week at $2.611 per gallon, according to AAA East Central’s Gas Price Report.
Seven Great Lakes and Central states land on this week’s top 10 list with the biggest declines for a second week, including Ohio (-12 cents). At $2.57, Ohio has the second cheapest statewide average for gasoline in the country today.
Gasoline inventories dropped by 456,000 barrels on the week, a factor lending to cheaper prices in the region. Despite the decrease, inventories still sit at a 3.3 million barrel year-over-year surplus, according to Energy Information Administration (EIA) data.
This week’s average prices: Northeast Ohio Average: $2.611
Average price during the week of October 15, 2018: $2.703
Average price during the week of October 23, 2017: $2.309
Average prices of the unleaded self-service gasoline in various areas:
$2.437 New Philadelphia
On the National Front
Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week. The national gas price average is $2.85, which is six-cents cheaper than this month’s highest price of $2.91 – the most expensive average during the month of October since 2014. As nationwide gasoline inventories remain mostly stable, lower demand has been a contributing factor in recent weeks driving gas prices down.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 47 cents to settle at $69.12. The crude market mostly saw losses last week following EIA’s latest weekly petroleum report, which showed domestic crude inventory grew for the fourth consecutive week to the highest level since late June. The larger-than-expected growth shocked the market, leading crude prices to fall. AAA is monitoring concerns over upcoming U.S.-imposed sanctions on Iran’s crude exports, which could affect the price of oil.
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