AAA: Gas prices dip slightly in Northeast Ohio

The average price for gasoline across Northeast Ohio is a penny lower this week at $2.992 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Northeast Ohio Average $2.992

Average price during the week of December 27, 2021 $3.001

Average price during the week of January 4, 2021 $2.164

Average prices of the unleaded self-service gasoline in various areas:

$2.768 Alliance

$2.866 Ashland

$2.877 Ashtabula

$3.183 Aurora

$3.094 Chesterland

$3.070 Cleveland

$3.071 Elyria

$3.071 Independence

$2.950 Lorain

$3.107 Lyndhurst

$2.787 Massillon

$3.046 Mentor

$2.982 New Philadelphia

$2.862 Niles

$2.978 Norwalk

$3.046 Oberlin

$3.058 Parma

$2.769 Ravenna $3.259 $2.982 $3.000

Solon Willard Youngstown

Trend Analysis:

Gasoline prices barely budged over the past week across the country. Today’s national average of $3.28 is the same as last week, eight cents less than a month ago, and $1.03 more than a year ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased slightly by 1.5 million barrels to 222.7 million barrels last week. Gasoline demand increased from 8.99 million b/d to 9.72 million b/d. Growing demand and tight supply would support more significant increases in pump prices, but fluctuations in the price of crude oil have helped to limit price increases.

At the close of yesterday’s formal trading session, West Texas Intermediate increased by 87 cents to settle at $76.08. Despite demand concerns over the omicron variant of COVID-19, crude prices have increased since the EIA reported that total domestic oil stocks decreased by 3.6 million barrels last week to 420 million barrels.

Meanwhile, the pre-christmas fire at the Exxon Mobil Corp plant in Baytown, Texas, is causing some reduced gasoline output. Recent reporting, however, indicates the damage was to a non-refining section of the complex. The plant is the nation’s fourth-biggest oil refinery, with the capacity to process 560,500 barrels per day of crude.

Motorists can find current gas prices nationwide, statewide, and countywide at Gasprices.aaa.com.

AAA East Central is a not-for-profit association with 72 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