The average price of gasoline across Northeast Ohio is five cents cheaper this week at $2.393 per gallon, according to AAA East Central’s Gas Price Report.
State gas price averages in the Great Lakes and Central region are as much as 16-cents more expensive on the week, and 33-cents more expensive on the month. In fact, six states in the region are on the list of the top 10 monthly increases nationwide. Ohio (-10 cents) was the only state in the region and country to see gas prices decrease on the week.
As regional refinery utilization holds steady, gasoline stocks took a large 1.5 million barrel draw on the week, according to the latest Energy Information Administration (EIA) data. The sustained drop in stocks since mid-February continues to be a driver toward more expensive gas prices. Total stocks sit at 56.8 million barrels, which is the lowest for the year and a 3.2-million-barrel deficit compared to this time last year.
This week’s average prices: Northeast Ohio Average: $2.393
Average price during the week of March 11, 2019: $2.447
Average price during the week of March 19, 2018: $2.353
Average prices of the unleaded self-service gasoline in various areas:
$2.385 New Philadelphia
On the National Front
Since early February, gasoline demand has been steadily increasing while stocks have been gradually decreasing, leading to more expensive pump prices across the country. At $2.54, the national gas price average is 7 cents more expensive on the week and 23-cents more than last month.
Today’s price is, however, just as expensive as the same day a year ago. In fact, for the first time since the end of November last year, the national average the past four days has been nearly identical to the same time last year. That being said, only 20 states have seen the same trend, with the rest of America seeing yearly differences from as much as 25-cents cheaper to 10-cents more expensive.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 9 cents to settle at $58.52. Oil prices took a hit last week as the market continued to have concerns about the global economy slowing this year, which could weaken global crude demand later this year. Moving into this week, prices will likely remain volatile following news from OPEC that it will not hold a meeting this April regarding its crude reduction pact with other global crude producers. Instead, OPEC will meet in late June to allow the cartel more time to determine if it should work with its partners to extend the current production reduction agreement beyond June.
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 and Legislative Affairs Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com