Gas prices in Northeast Ohio are about four cents cheaper this week at $2.014 per gallon according to AAA East Central’s Gas Price Report.
Prices have dropped significantly across the Great Lakes and Central region, with Ohio (-15 cents) topping the list of largest weekly declines, currently sitting at $2.01.
According to the latest Energy Information Administration (EIA) report, gasoline inventories in the Midwest region jumped by 1.7 million barrels to 51.4 million for the week ending on December 14. Total regional inventories are now 3.6 million barrels higher than this same time last year.
This week’s average prices: Northeast Ohio Average: $2.014
Average price during the week of December 17, 2018: $2.053
Average price during the week of December 26, 2017: $2.400
Average prices of the unleaded self-service gasoline in various areas:
$2.076 New Philadelphia
On the National Front
Nearly 20 percent of states are currently enjoying prices below $2.00 per gallon. Nationally, retail averages have dropped 83 of the past 90 days. The national average for regular unleaded gasoline currently sits at $2.30 per gallon, which is six cents less than one week ago, 24 cents less than one month ago and 16 cents less than at the same time last year.
Heading into 2019, gasoline demand is expected to dwindle during the month of January, an expected change following the busy holiday travel season. At the same time, OPEC will begin production cuts on January 1, with hopes that the shift in global supply will push oil prices higher. The effectiveness of the cuts will not likely be known until later in the first quarter.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 29 cents to settle at $45.59. Oil prices mostly fell last week, reaching their lowest since the third quarter of 2017, as market observers have concerns that the global crude market is oversupplied.
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