After jumping by 14 cents last week, the average price of gasoline across Northeast Ohio is four cents cheaper this week at $2.325 per gallon, according to AAA East Central’s Gas Price Report.
On the week, Indiana and Kentucky were the only states in the Great Lakes and Central region to see gas prices decrease. In the rest of the region, gas price averages increased by one to 10 cents (Ohio, +2 cents). Regional inventories decreased by 911,000 barrels on the week to drop to a total of 58.5 million, according to Energy Information Administration (EIA) data. For a second week, refinery utilization increased, which is a promising sign for the region and likely helped to keep gas prices from jumping dramatically.
This week’s average prices: Northeast Ohio Average: $2.325
Average price during the week of February 25, 2019: $2.367
Average price during the week of March 5, 2018: $2.333
Average prices of the unleaded self-service gasoline in various areas:
$2.350 New Philadelphia
On the National Front
Today’s national average is $2.42, which is three-cents more expensive than last week and 17-cents more expensive than a month ago, but 10-cents cheaper than a year ago. Pump prices have pushed higher this week due to reduce gasoline stock levels and a nationwide increase in demand.
The national gas price average has increased nearly 20-cents since the beginning of the year, which is the largest jump during the January-February timeframe since 2015. Pump prices rose steadily across the country in February, a month that saw many refineries undergoing planned and unplanned maintenance, and an increase in crude oil prices.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped $1.42 to settle at $55.80. Oil prices took a downward turn last week due to concerns that global crude demand may be lower than expected. Moving into this week, crude prices may rise on optimism that the United States and China are closer to a deal that resolves the ongoing trade spat between two of the world’s largest economies. Tightened global supply due to OPEC’s 1.2 million b/d production reduction agreement (which will be through June 2019) and decreased crude exports from Venezuela and Iran could also help prices increase.
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 and Legislative Affairs Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com