Northeast Ohio gas prices are down by almost three cents this week to $2.353 per gallon according to AAA East Central’s Gas Price Report.
In the Great Lakes and Central region, gas prices range from as cheap as $2.27 to as expensive as $2.57. There is an 11-cent gap on the week between price increases and decreases, which is not surprising as the region traditionally sees high volatility from week to week. Statewide, gas prices in Ohio are steady over the week.
Gasoline inventories dropped by a small 817,000 barrels on the week, but measure at a strong 60 million. Overall, inventory levels in the region are in line with levels this time last year, according to Energy Information Administration (EIA) data.
This week’s average prices: Northeast Ohio Average: $2.353
Average price during the week of March 12, 2018: $2.378
Average price during the week of March 20, 2017: $2.170
Average prices of the unleaded self-service gasoline in various areas:
$2.263 New Philadelphia
On the National Front
Consumer gasoline demand is at the highest level on record for March. According to the EIA latest report, demand measured at 9.6 million barrels-per-day – levels typical of summer months, not the first quarter of a year. U.S. exports continue to trend high, accounting for a large chunk of this week’s demand data.
Today’s national gas price average of $2.55 is two cents more than a month ago and more than a quarter (26 cents) higher than this time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.15 to settle at $62.34. Crude prices rallied last week after the International Energy Agency’s (IEA) latest monthly oil market report showed that global crude demand is expected to increase to 99.3 million barrels-per-day, an increase of 1.5 million over 2017’s rate of 97.8 million. The report also noted that global supply reached 97.9 million b/d last month, which was fueled by growth in domestic production in the U.S. The figure is 700,000 b/d higher than last year’s rate at this time. These findings gave the market some hope that although crude production is booming in the U.S., the newly produced oil will help meet global demand instead of helping global inventories grow.
The latest weekly U.S. crude production rate record – 10.4 million b/d – was set last week, according to EIA. That rate is likely to continue growing, supported by growth in the number of active oil rigs in the country. Last week, Baker Hughes reported an increase of four rigs. The total is now 800, which is 169 more than last year at this time.
Motorists can find current gas prices 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 & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com