Gas prices in Northeast Ohio are fractions of a penny cheaper this week at $2.421 per gallon, according to AAA East Central’s Gas Price Report.
Motorists in the Great Lakes and Central states are paying as much as 41 cents/gallon less than they paid last month to fill up. On the week, state gas prices averages are as much as 14-cents cheaper in the region with prices ranging from $2.63 in North Dakota to $2.27 in Missouri. Ohio (+2 cents) was the only state in the region and country to see a jump at the pump on the week. Even still, the Buckeye State has some of the lowest gas prices in the region – which is good news for the 1.9 million Ohioans AAA projects will drive 50 miles or more from home this Thanksgiving holiday.
On the week, the Energy Information Administration (EIA) reports that gasoline stocks increased by a small 218,000 barrels, but remain under the 47 million mark. As refinery utilization increases in the region, stocks are expected to build through year-end as demand remains low and keep gas prices cheaper.
This week’s average prices: Northeast Ohio Average $2.421
Average price during the week of November 12, 2018 $2.427
Average price during the week of November 20, 2017 $2.536
Average prices of the unleaded self-service gasoline in various areas:
$2.412 New Philadelphia
On the National Front
Motorists nationwide can add cheaper gas prices to their list of ‘things for which to be thankful’ this Thanksgiving holiday. Today’s national gas price average is $2.62, which is seven-cents less than a week ago and the largest one-week decline in pump price this year. In fact, the large drop brings the year-over-year differential in gas prices to only seven cents – that is the lowest yearly change seen July 2017. The decrease in gasoline is welcomed news for the nearly 49 million Americans that AAA projects are hitting the road for Thanksgiving, some starting as early as today.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was unchanged and settled at $56.46. Oil prices mostly dropped last week as EIA reported that crude inventories continue to build, now for the eighth consecutive week. Total domestic inventories sit at 442.1 million barrels, which is 16.9 million lower than levels at this time last year. Inventories grew as the EIA reported the U.S. hit a new record for crude production last week. At 11.7 million b/d, it is the highest rate on record since the EIA began tracking it in 1983.
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