AAA: Gas Prices Fall in Ohio as National Average Continues to Dip
The average price for gasoline across Northeast Ohio is 12 cents lower this week at $3.526 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: Northeast Ohio Average $3.526
Average price during the week of June 12, 2023 $3.641
Average price during the week of June 21, 2022 $4.969
Average prices of the unleaded self-service gasoline in various areas:
$3.549 Alliance
$3.505 Ashland
$3.477 Ashtabula $3.644 Aurora
$3.395 Chesterland $3.532 Cleveland
$3.556 Elyria
$3.584 Independence $3.458 Lorain
$3.556 Lyndhurst
$3.498 Massillon
$3.510 Mentor
$3.649 New Philadelphia $3.449 Niles
$3.605 Norwalk
$3.570 Oberlin
$3.519 Parma
$3.458 Ravenna
$3.469 Solon
$3.555 Willard
$3.516 Youngstown
Trend Analysis:
As summer begins, drivers are finding prices significantly lower than last year. Lackluster demand and low oil costs are keeping gas prices relatively stable. The national average for a gallon of gas fell two cents since last week to $3.57. That’s $1.41 less than a year ago with 20 gallons of gas costing nearly $30 less than last year.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 to 9.19 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.1 million barrels to 220.9 million barrels. Lower gas demand amid increasing supply has helped to limit pump price increases.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.15 to settle at $68.27. Oil prices declined due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 7.9 million barrels to 467.1 million barrels last week.
Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.
AAA East Central is a notfor-profit association with 69 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.