After increasing by 16 cents last week, the average price for gasoline across Northeast Ohio is 15 cents cheaper this week at $2.619 per gallon, according to AAA East Central’s Gas Price Report.
Most states in the Great Lakes and Central States are seeing prices come down at the pump this week. Ohio (-7 cents), Nebraska (-4 cents), Kentucky (-3 cents) and Missouri (-2 cents) saw the largest declines, with other states’ averages declining a penny or holding steady on the week.
Regional gasoline stocks declined by 2 million barrels, per the Energy Information Administration’s (EIA) latest data, to drop levels to 47.3 million barrels. A large draw like this, especially amid very tight gasoline stock levels, may push gas prices upward in the coming days and weeks ahead. Year-over-year, regional stocks sit at a 5.2 million barrels deficit.
This week’s average prices: Northeast Ohio Average $2.619
Average price during the week of May 20, 2019 $2.761
Average price during the week of May 28, 2018 $2.821
Average prices of the unleaded self-service gasoline in various areas:
$2.533 New Philadelphia
On the National Front
For the 37.6 million Americans who hit the road this past Memorial Day weekend, the vast majority found savings at the pump compared to last year’s holiday. Today, 42 states and Washington, D.C. have gas price averages that are less expensive year-over-year, with Floridians (-31 cents) seeing the largest yearly change. Motorists in West Coast states are the exception, paying nearly double-digits more than last May to fill up.
Gas prices have declined, on average, by at least a nickel for most the country since the beginning of May, and the trend could continue into June. Stable crude oil prices are helping to push prices down at the pump despite tight domestic gasoline supply and robust demand. Today’s national average is $2.82, which is cheaper than last week by two cents, last month by six cents and last year by 16 cents.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 72 cents to settle at $58.63. Overall, crude prices saw a loss last week, following release of EIA’s weekly petroleum status report that showed total domestic crude inventories rose by 4.8 million barrels. At 476.8 million, the current level is the highest since July 2017.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.