Northeast Ohio gas prices dropped by seven cents this week to an average of $2.463 per gallon, according to AAA East Central’s Gas Price Report.
Of all the regions, the Great Lakes and Central states are seeing the largest drops at the pump – some at double-digit rates on the week (Ohio, -12 cents).
The latest Energy Information Administration (EIA) report shows regional gasoline inventory registers at 45 million barrels, which is about 3.2 million below levels this time last year. The Keystone pipeline remains shut down; however, it has not had an immediate impact on gas prices in the region.
This week’s average prices: Northeast Ohio Average: $2.463
Average price during the week of November 20, 2017: $2.536
Average price during the week of November 28, 2016: $2.034
Average prices of the unleaded self-service gasoline in various areas:
$2.521 New Philadelphia
On the National Front
The national gas price average has been trending cheaper for 10 days. At $2.51, today’s price is three cents less than last Monday. On the week, 49 states are paying less at the pump for a gallon of regular gasoline. The District of Columbia and Hawaii saw their gas price increase by one cent. Prices have dropped between one and 15 cents elsewhere across the country.
In 2017, gas prices have strayed from typical trends. Historically, year-end gas prices tend to be relatively cheap due to a drop-off in fall gasoline demand around Labor Day and the move to cheaper to produce winter-blend gasoline in mid-September. This year, the typical factors that drive gas prices down in winter were outweighed by the impact of two major hurricanes, steady consumer demand and continued growth in gasoline exports. While gas prices could decline between now and the end of the year, motorists will still pay the highest November and December gas prices since 2014.
On Friday, West Texas Intermediate hit $58.95/barrel – a multi-year high that the price per barrel has not come close to since June 2015. Expectations for an extension of the current OPEC and Russian production cut until December 31, 2018 fueled this spike. OPEC and non-OPEC members of the production reduction agreement will meet this week to discuss the fate of the agreement, which is currently set to expire in March 2018. Market observers have been awaiting this meeting to see if agreement participants will take additional measures to restrict supply in the global market, which could push oil prices even higher.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 81 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