Northeast Ohio Gas Prices Increase Slightly; National Demand at a Near 2-Year Low

Ohio, Gas Prices
Sunrise at gas station by Don DeBold
Photo by Don DeBold https://www.flickr.com/photos/ddebold/ https://creativecommons.org/licenses/by/4.0/

Gas prices in Northeast Ohio are almost three cents more expensive this week at $1.932 per gallon, according to AAA East Central’s Gas Price Report.

Nine Great Lakes and Central states currently land on the top 10 list of largest year-over-year difference in gas prices in the country, including Ohio (-47 cents).  This week, gas prices in the region range from $2.20 in North Dakota to $1.82 in Missouri.

Gasoline inventories continued to build, adding 1.2 million barrels.  This trend is expected to continue into the early half of the year.  At 54.2 million barrels, stocks are at a 3.5 million year-over-year surplus. 

This week’s average prices: Northeast Ohio Average: $1.932
Average price during the week of January 3, 2019:  $1.906
Average price during the week of January 8, 2019: $2.429

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

$1.899        Alliance
$1.951        Ashland
$1.906        Ashtabula
$1.899        Aurora
$1.953        Chesterland
$1.925        Cleveland
$1.880        Elyria
$1.898        Independence
$1.864        Lorain
$1.915        Lyndhurst
$1.893        Massillon
$1.938        Mentor
$1.935        New Philadelphia
$1.910        Niles
$2.072        Norwalk
$2.074        Oberlin
$1.885        Parma
$1.929        Ravenna
$1.885        Solon
$2.066        Willard
$1.902        Youngstown

On the National Front 
The latest EIA data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017.  Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 barrels, suggesting that demand this winter could be lower than expected.

Today’s national gas price average is $2.24 and has declined for 12 weeks in a row.  The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 87 cents to settle at $47.96.  Oil prices were volatile last week, as market observers continue to believe that the global crude market is oversupplied.  Moreover, analysts are also wary of the impact a potential economic slowdown in 2019 could have on global crude oil demand.  In the coming weeks, market observers will look for indications that OPEC’s global pact with large non-OPEC crude producers (including Russia) will reduce crude production by 1.2 million b/d for at least the first six months of 2019, which may help reduce the growing global glut of crude.

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-