AAA: Gas Prices Tumble in Ohio as Crude Prices Dip

The average price for gasoline across Northeast Ohio is 12 cents lower this week at $3.459 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: Northeast Ohio Average $3.459

Average price during the week of January 30, 2023 $3.574

Average price during the week of February 7, 2022 $3.275

Average prices of the unleaded self-service gasoline in various areas: $3.526 Alliance

$3.371 Ashland

$3.470 Ashtabula

$3.599 Aurora

$3.571 Chesterland $3.488 Cleveland

$3.432 Elyria

$3.472 Independence $3.367 Lorain

$3.522 Lyndhurst

$3.373 Massillon

$3.439 Mentor

$3.586 New Philadelphia

$3.435 Niles

$3.476 Norwalk

$3.435 Oberlin

$3.452 Parma

$3.400 Ravenna

$3.516 Solon

$3.279 Willard

$3.432 Youngstown Trend Analysis:

The national average for a gallon of gas is three cents lower this week at $3.47. Last week’s decision by OPEC+ to maintain current production levels and not make any cuts led to lower oil prices. Oil prices account for as much as 60% of the cost of a gallon of gas. Today’s national average is 18 cents more than a month ago and four cents more than a year ago.

According to data from the Energy Information Administration (EIA), gas demand rose from 8.14 million to 8.49 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.6 million barrels to 234.6 million barrels. Despite rising gas demand, total supply growth has helped limit pump price increases.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $2.49 to settle at $73.39. Crude prices fell last week amid ongoing market concerns that if a recession occurs this year, crude demand and prices would likely decline. Additionally, crude prices dropped after the EIA reported that total commercial stocks increased by 4.2 million barrels to 452.7 million barrels.

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