AAA: Gas prices decrease ahead of Independence Day Weekend

The average price for gasoline across Northeast Ohio is 10 cents lower this week at $4.860 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Northeast Ohio Average $4.860

Average price during the week of June 21, 2022 $4.969

Average price during the week of June 28, 2021 $2.949

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

$4.840 $4.883 $4.887 $4.927 $4.971 $4.908 $4.805 $4.906 $4.785 $4.945 $4.622 $4.824 $4.867 $4.780 $4.899 $4.869 $4.846 $4.702 $4.959 $4.999 $4.845

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 has fallen for a second week after another decline in the global price of oil. This week’s gas average is $4.89, nine cents less than a week ago, 30 cents more than a month ago, and $1.80 more than a year ago. Even with these historically high gas prices, summer travel is in full swing. Heading into the Independence Day weekend, AAA predicts 42 million people will hit the road, setting a new record for car travel.

Although crude prices strengthened at the end of the week due to positive market sentiment after the stock market rallied, crude prices dropped earlier in the week amid market concern regarding the potential for economic growth to slow due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. The cost of oil accounts for almost $3 of every $4.89 paid at the gas pump.

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

AAA East Central is a not-forprofit 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.