Prices are pushing down as the Energy Information Administration (EIA) reports inventories (at 53 million barrels) are not only seeing a year-over-year surplus, but levels are ahead of the five-year average. In fact, this is the highest inventory reported for the region in the mid-August timeframe since 1999.
However, strong inventory levels may not be a consistent trend. The region’s refinery rates slowed slightly on the week ahead of the start of turnaround season, which will ultimately bring cheaper gas prices for motorists this fall and winter.
This week’s average prices: Northeast Ohio Average: $2.721
Average price during the week of August 13, 2018: $2.718
Average price during the week of August 21, 2017: $2.242
Average prices of the unleaded self-service gasoline in various areas:
$2.724 New Philadelphia
On the National Front
As summer slows to an end and consumer demand weans, gas prices across the country are becoming less expensive. Today’s national gas price average is $2.84, which is three cents less than at the beginning of the month. Except for a handful of states, most motorists are seeing slow-but-steady pump price drops during the last few weeks. Barring any uncommon influences, the national average is expected to keep moving lower, especially with the switchover to cheaper winter-blend gasoline in September.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 45 cents to settle at $65.91. Oil prices ended the week with slight gains due to a softening dollar, after tumbling midweek following new data from the EIA that showed domestic crude oil inventories grew by 6.8 million barrels last week.
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