AAA: Gas averages fall below $5 nationally and in Ohio
The average price for gasoline across Northeast Ohio is seven cents lower this week at $4.969 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northeast Ohio Average $4.969
Average price during the week of June 13, 2022 $5.036
Average price during the week of June 21, 2021 $2.975
Average prices of the unleaded self-service gasoline in various areas:
$4.914 $5.018 $4.962 $5.051 $5.094 $5.012 $4.979 $5.005 $4.896 $5.018 $4.852 $4.923 $4.911 $4.959 $4.992 $4.982 $4.970 $4.868 $5.003 $5.002 $4.932
Alliance
Ashland Ashtabula
Aurora Chesterland Cleveland
Elyria Independence Lorain
Lyndhurst Massillon
Mentor
New Philadelphia Niles
Norwalk
Oberlin
Parma
Ravenna
Solon
Willard Youngstown
Trend Analysis:
The national average for a gallon of gas fell below $5 this week. The primary cause is the tumbling cost of oil, which fell from $122 to around $110 per barrel due to fears of a global recession and its associated economic slowdown. As a result, the national average for a gallon of gas is $4.96, a nickel less than a week ago, 37 cents more than a month ago, and $1.89 more than a year ago.
The recent high prices may have led to a small drop in domestic gasoline demand as fewer drivers fueled up last week. This dip, coupled with less costly oil, has taken some steam out of surging pump prices. And this is happening right before drivers gas up for what AAA forecasts will be a busy July 4th travel weekend.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 700,000 barrels to 217.5 million barrels last week. Meanwhile, gasoline demand declined slightly from 9.2 million barrels per day to 9.09 million barrels per day which has helped to limit pump price increases. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $8.03 to settle at $109.56. Crude prices dropped last week amid broad market concern regarding the potential for economic growth to slow after the U.S. Federal Reserve raised interest rates by 0.75 percent. Additionally, crude prices decreased after the EIA reported that total domestic stocks increased by 1.9 million barrels to 418.7 million barrels.
Motorists can find current gas prices nationwide, statewide, and countywide at Gasprices.aaa.com.