The average price for gasoline across Northeast Ohio is 23 cents cheaper this week at $2.536 per gallon, according to AAA East Central’s Gas Price Report.
The Great Lakes and Central region is home to the top five states in the country with the largest declines at the pump this week: Ohio (-21 cents), Indiana (-17 cents), Michigan (-15 cents), Illinois (-11 cents), and Kentucky (-10 cents).
A build in gasoline inventory is bringing prices downward. According to Energy Information Administration (EIA) data, the region saw inventory build by 300,000 barrels to total 48.1 million. However, that is still below the five-year average of 50.8 million. Moreover, refinery utilization slid slightly to 83%, and is the lowest utilization rate for the week ending May 31 among all five regions in the country. Despite the deficit in stocks and low refinery utilization rate, gas prices are expected to remain stable, though some states may see large swings this summer due to the typical volatility in the region.
This week’s average prices: Northeast Ohio Average $2.536
Average price during the week of June 3, 2019 $2.767
Average price during the week of June 11, 2018 $2.762
Average prices of the unleaded self-service gasoline in various areas:
$2.444 New Philadelphia
On the National Front
Nearly every state’s gas price average is cheaper than a week ago, a month ago and a year ago. Today’s national average is $2.74, which is seven-cents cheaper than last week, 13-cents less than a month ago and 18 cents cheaper than a year ago. Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. This, combined with cheaper crude oil, is bringing prices down nationwide.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by $1.40 to settle at $53.99. Crude prices increased on Friday after Saudi Arabia's Energy Minister Khalid al-Falih announced that OPEC and its partners are close to an agreement to extend their current 1.2-million b/d production reduction pact through the end of 2019. The cartel is expected to formally announce its decision at its upcoming meeting in Vienna on June 25 and 26.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.