Northeast Ohio Gas Prices Plunge as National Average Nears 2018 Low

Ohio, Gas Prices
hand at gas pump

Gas prices in Northeast Ohio are 12 cents cheaper this week at $2.304 per gallon, according to AAA East Central’s Gas Price Report.

On the week, gas prices are as much as 14 cents cheaper across Ohio.  Most of the Great Lakes and Central states are carrying gas price averages cheaper than one year ago (Ohio, -15 cents).  There are only 19 states in the country with less expensive year-over-year prices and 11 of those are in this region.

The week’s prior build in gasoline inventory in the region was cancelled out last week as stocks drew by nearly half a million, according to the Energy Information Administration’s (EIA) latest data.  Nonetheless, total stocks continue to register just above the 46-million-barrel mark, which is a 1.1 million surplus compared to last year.  Regional refinery utilization has increased to 91.4 percent indicating that stocks could build in the coming weeks, which could make prices even cheaper.

This week’s average prices: Northeast Ohio Average: $2.304
Average price during the week of November 19, 2018: $2.421
Average price during the week of November 27, 2017: $2.463

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

$2.312        Alliance
$2.301        Ashland
$2.186        Ashtabula
$2.399        Aurora
$2.453        Chesterland
$2.332        Cleveland
$2.317        Elyria
$2.301        Independence
$2.288        Lorain
$2.398        Lyndhurst
$2.172        Massillon
$2.239        Mentor
$2.151        New Philadelphia
$2.161        Niles
$2.366        Norwalk
$2.388        Oberlin
$2.289        Parma
$2.230        Ravenna
$2.443        Solon
$2.414        Willard
$2.247        Youngstown

On the National Front 
On the week, the national gas price average has dropped seven cents to land at $2.56.  As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018.  The national average was lowest in January at $2.49, while May brought the most expensive price of $2.97.  Currently, 19 states have gas price averages less expensive than a year ago. 

As U.S. gasoline demand remains low and supply plentiful, motorists may continue to save at the pump in December.  However, spikes in the price of crude oil could offset these savings.  Market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on December 6 in Vienna, Austria.  At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply.

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-