Northeast Ohio Gas Prices Spike as Regional Inventory Tightens

Ohio, Gas Prices
Choosing gas octane by Mike Mozart
Photo by Mike Mozart https://www.flickr.com/photos/jeepersmedia/ creativecommons.org/licenses/by/4.0/  

The average price of gasoline across Northeast Ohio is 11 cents more expensive this week at $2.535 per gallon, according to AAA East Central’s Gas Price Report.

On the week, Indiana (+11 cents) was the only state in the Great Lakes and Central region to see double-digit increases, with Kentucky (+9 cents), Ohio (+8 cents) and Illinois (+8 cents) just a few pennies away from that mark. Missouri was the only state in the region to see gas prices hold steady, while Iowa saw a small increase. 

Regional gasoline stocks continue to tighten with a 919,000-barrel decrease, dropping totals for the region to a new low for the year at 54.8 million barrels.  According to Energy Information Administration (EIA) data, stocks have not measured this low since the end of 2018, and while levels are in line with the five-year average, they are below last year’s level.

This week’s average prices: Northeast Ohio Average: $2.535
Average price during the week of March 25, 2019: $2.428
Average price during the week of April 2, 2018: $2.483

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

$2.526        Alliance
$2.588        Ashland
$2.506        Ashtabula
$2.475        Aurora
$2.592        Chesterland
$2.578        Cleveland
$2.567        Elyria
$2.531        Independence
$2.572        Lorain
$2.531        Lyndhurst
$2.516        Massillon
$2.575        Mentor
$2.507        New Philadelphia
$2.575        Niles
$2.648        Norwalk
$2.566        Oberlin
$2.501        Parma
$2.307        Ravenna
$2.456        Solon
$2.550        Willard
$2.570        Youngstown

On the National Front 
Today’s national gas price average is $2.69, which is a 44-cent increase since New Year’s Day.  Today’s average is seven-cents more expensive than last week, 27-cents more than last month, and four cents more expensive than last year.  Gasoline stocks have been steadily decreasing since early February, and motorists have been seeing spikes at the pump that could continue in the weeks ahead.  On the week, 26 states saw gas prices increase a nickel or more with states in the West Coast, Great Lakes and Central region seeing the largest jumps.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 84 cents to settle at $60.14 – the highest closing price seen this year.  Oil prices increased last week as the market expects further tightening in global supply as a result of OPEC’s 1.2 million b/d production cut, and the U.S. imposing sanctions on Iranian and Venezuelan crude exports.  Moving into this week, prices will likely continue their ascent, with the combined effect of the tightening in the global crude oil market overshadowing concerns that the global economy is slowing, which could decrease global crude demand during the second half of 2019.  

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

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