Gas prices in Northeast Ohio are down by nearly 13 cents over the week at $2.703 per gallon, according to AAA East Central’s Gas Price Report.
For the first time in weeks, every Great Lakes and Central state is seeing gas prices decline, with some pump prices declining by double-digits. Six states top the list of the largest decreases in the country, including Ohio (-14 cents).
A factor helping to drive down gas prices is the increase of nearly 600,000 barrels of gasoline inventories amid declining demand. With the build, Energy Information Administration (EIA) data measures levels at 52 million barrels once again, which, despite being a low inventory level for the region this year, is a 2.4 million year-over-year surplus. If inventories continue to increase, prices are likely to continue to decrease.
This week’s average prices: Northeast Ohio Average: $2.703
Average price during the week of October 8, 2018: $2.828
Average price during the week of October 16, 2017: $2.325
Average prices of the unleaded self-service gasoline in various areas:
$2.547 Alliance
$2.638 Ashland
$2.546 Ashtabula
$2.872 Aurora
$2.864 Chesterland
$2.714 Cleveland
$2.688 Elyria
$2.762 Independence
$2.680 Lorain
$2.787 Lyndhurst
$2.511 Massillon
$2.675 Mentor
$2.537 New Philadelphia
$2.496 Niles
$2.807 Norwalk
$2.881 Oberlin
$2.644 Parma
$2.762 Ravenna
$2.829 Solon
$2.852 Willard
$2.665 Youngstown
On the National Front
Most states have seen gas prices decrease on the week except for a handful, some of which were impacted by fuel disruptions on the west coast and in the southeast. At $2.89, the national gas price average is two-cents cheaper than a week ago. Today’s gas price average is four-cents more than a month ago and 42-cents more expensive than a year ago. Gas prices may be signaling that they are taking a turn toward slowly decreasing amid consumer demand declining for a third week.
Two events last week caused small spikes in retail prices, but those spikes were short-lived. On Wednesday, October 12, Hurricane Michael made landfall in Florida and subsequently caused retail fuel shortages along its path in Alabama, Florida, Georgia, North Carolina and South Carolina. Roadway clean-up efforts are underway and as power is restored, fuel deliveries will be a priority.
In addition, last week, a natural gas pipeline rupture in the Western Canadian province of British Columbia forced three Pacific Northwest (PNW) Puget Sound refineries to shut production units. Those refineries are beginning to resume normal operations, but states in the PNW saw spikes in gas prices that will likely last into the week.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 37 cents to settle at $71.34. Oil prices saw whiplash last week, falling in line with the major selloff that occurred for the Dow Jones Industrial Average. Crude prices may continue to climb this week as tensions in the Middle East take center stage, while U.S.-imposed sanctions on Iran’s energy sector continue to loom over the market.
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
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