After boomeranging for the past two weeks, gas prices in Northeast Ohio leveled off this week to remain at $2.730 per gallon, according to AAA East Central’s Gas Price Report.
Motorists in the Great Lakes and Central states are seeing pump prices mostly remaining steady on the week.
Gasoline inventories built slightly on the week to register at 53.1 million barrels, which is the largest inventory level recorded for this time of year since 2008. With demand expected to continue declining, and taking into account high inventory levels, motorists in the region can expect prices to steadily decline this fall.
This week’s average prices: Northeast Ohio Average: $2.730
Average price during the week of September 4, 2018: $2.732
Average price during the week of September 11, 2017: $2.531
Average prices of the unleaded self-service gasoline in various areas:
$2.722 New Philadelphia
On the National Front
On the week, the national gas price average rose a penny to land at $2.85. Prices remain relatively stable across the country as gasoline demand dipped slightly and gasoline inventories incrementally built according to the latest Energy Information Administration (EIA) reports.
With the switchover to winter-blend gasoline fast approaching (September 15), gas prices are expected to decline this month. The threat of Hurricane Florence — which is now a Category 2 storm and projected to hit between South Carolina and Virginia by end of this week —will likely have an impact on East Coast gas prices this week should the storm follow its projected path.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped two cents to settle at $67.75. The drop in the price of crude oil can be attributed to several factors including increasing U.S. gasoline inventories. According to EIA’s report, total motor gasoline inventories increased by 1.8 million barrels last week and are about 7 percent above the five-year average for this time of year. At the same time crude oil stocks dropped 4.3 million barrels from the previous week as refinery utilization rates reached 96.6 percent. These market dynamics are mostly keeping gas prices flat, but a factor that may negatively impact prices is the threat of Hurricane Florence in the Atlantic. While it is still too early to pinpoint exactly where it will make landfall, the National Hurricane Center reports landfall could occur somewhere between South Carolina and Virginia late this 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