After dropping by 12 cents last week, gas prices in Northeast Ohio are 14 cents cheaper this week at $2.164 per gallon according to AAA East Central’s Gas Price Report.
The gas price average in every Great Lakes and Central state is cheaper today than it was one year ago (Ohio, -19 cents). With a 15-cent weekly decrease, Ohio ($2.13) has the largest drop in the region and the country on the week.
With a four percent jump in regional refinery utilization, gasoline stocks built by nearly 680,000 barrels on the week. According to the Energy Information Administration (EIA), the region saw stocks mostly build throughout November. Now at 46.8 million, they are at their highest point since the end of October.
This week’s average prices: Northeast Ohio Average: $2.164
Average price during the week of November 26, 2018: $2.304
Average price during the week of December 4, 2017: $2.387
Average prices of the unleaded self-service gasoline in various areas:
$1.963 New Philadelphia
On the National Front
On the week, motorists in 32 states are paying less to fill up compared to a year ago. As the national gas price average drops to $2.46 it sets a new low price for the year and is cheaper than a year ago by two cents. The last time the daily national gas price average was cheaper year-over-year was 18 months ago on July 6, 2017 when gas prices were $2.24 (versus $2.26 on July 6, 2016). Not only is today’s national gas price average cheaper year-over-year, but also is 31-cents cheaper than a month ago and on the week, 24 states saw gas prices drop double digits.
Cheap crude oil prices are largely driving fuel savings at the pump. Last week, crude dropped to its lowest point of the year at $50/bbl. However, this week’s Organization of Petroleum Exporting Countries (OPEC) meeting could disrupt the cost of crude. OPEC is expected to make an announcement on production at its meeting this Thursday in Vienna, Austria. The scheduled OPEC meeting has not had a negative impact on pump prices so far.
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