Gas prices in Northeast Ohio are six cents higher this week at $2.744 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are volatile on the week in the Great Lakes and Central region, ranging from seven cents cheaper to six cents more expensive. A handful of states’ gas price averages remain stable on the week. Four states from these regions land on this week’s largest gas price changes list, including Ohio (+6 cents).
Gasoline inventories built for a fourth week in the region. Adding nearly 440,000 barrels, total inventories sit at 53.7 million. According to the Energy Information Administration (EIA), levels are similar to this time last year.
This week’s average prices: Northeast Ohio Average: $2.744
Average price during the week of July 2, 2018: $2.687
Average price during the week of July 10, 2017: $2.195
Average prices of the unleaded self-service gasoline in various areas:
$2.777 New Philadelphia
On the National Front
The national gas price average is $2.87, which is a penny more expensive on the week. Pump prices in nearly 30 states are seeing a jump of as much as eight cents, a dozen states saw prices drop and another dozen states’ gas price averages remain stable from last Monday. Demand for gasoline this summer remains very strong week-over-week, driving gas prices higher in some areas alongside rising crude prices.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 86 cents to settle at $73.80. Crude prices trended lower last week following EIA’s report that showed U.S. crude oil inventories increased by a total of 1.3 million barrels. It was the first time in three weeks that the U.S. has seen a build in inventories, which typically sees drawdowns throughout the summer. At 417.9 million barrels, crude inventories in the U.S. are 85 million lower than they were at this time last year.
The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors – in Iran, Libya, and Venezuela – potentially destabilizing global supply. Moving into this week, market observers will watch these factors to determine their impact on supply. If it appears that supply could be reduced amid high global crude demand, oil prices may increase.
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 & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com