Gas prices in Northeast Ohio dropped another nine cents this week to 2.427 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices in eight Great Lakes and Central states land on the top 10 list of states with the biggest changes, with Ohio (-12 cents) experiencing a double-digit drop. Gas prices are, at a minimum, a nickel cheaper in every state in the region on the week.
Ohio ($2.40) is one of only six states in the country to have cheaper gas prices today as compared to a year ago and is nationally fifth on the list for least expensive average gas price.
The region saw a small draw of 856,000 barrels on the week, tightening gasoline stocks to a new low for the year. The last time the region saw stocks register at the 46 million barrel mark was during October 2017, according to Energy Information Administration (EIA) data. As refineries wrap-up maintenance season it is likely stocks will increase and drive prices potentially even cheaper amid declining demand.
This week’s average prices: Northeast Ohio Average $2.427
Average price during the week of November 5, 2018 $2.518
Average price during the week of November 13, 2017 $2.593
Average prices of the unleaded self-service gasoline in various areas:
$2.306 New Philadelphia
On the National Front
State gas price averages are as much as 12-cents to a nickel cheaper a gallon on the week in more than two-thirds of the country. As demand drops and the end of refinery maintenance season wraps-up, the national gas price average is $2.70. That price is six cents less than last Monday, 21-cents less than last month and just 14-cents more than last year. In fact, the year-over-year price differential has not been this small since early January.
Today, 41 percent of gas stations nationwide are selling unleaded gasoline for $2.50 or less. In comparison, the majority of gas stations were selling gas for $2.51 or more at the start of summer during the Memorial Day holiday weekend.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 48 cents to settle at $60.19. Oil prices drifted lower this week, following the release of EIA’s report that total domestic oil inventories grew by 5.8 million barrels last week. They now sit at 431.8 million barrels, which is 25.3 million barrels less than inventories last year at this time. Crude inventories have grown for seven consecutive weeks because of reduced refinery runs while the nation settles into the lower demand fall driving season. A new all-time high estimate in domestic crude production since EIA began publishing the data – 11.6 million b/d – also contributed to last week’s build in crude inventories. Moving into this week, crude prices may drop further if supply concerns remain reduced due to continued growth in inventories.
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