Dec. 12—CLEVELAND — The average price for gasoline across Northeast Ohio is 19 cents lower this week at $3.01.8 per gallon, according to AAA East Central's Gas Price Report.
This week's average prices: Northeast Ohio Average — $3.01.8
Average price during the week of Dec.5, 2022 — $3.20.0
Average price during the week of Dec. 13, 2021 — $3.09.5
Average prices of the unleaded self-service gasoline in various areas:
$2.98.3 — Alliance
$3.04.9 — Ashland
$2.94.3 — Ashtabula
$3.25.1 — Aurora
$3.19.0 — Chesterland
$2.96.0 — Cleveland
$2.83.8 — Elyria
$3.01.1 — Independence
$2.83.4 — Lorain
$3.13.6 — Lyndhurst
$2.92.0 — Massillon
$3.05.3 — Mentor
$3.23.8 — New Philadelphia
$3.01.0 — Niles
$2.97.3 — Norwalk
$2.95.6 — Oberlin
$2.98.7 — Parma
$2.86.6 — Ravenna
$3.13.8 — Solon
$3.09.9 — Willard
$2.93.4 — Youngstown
Trend Analysis:
The national average pump price has dropped another 14 cents over the past week to $3.26, which is 52 cents less than a month ago and six cents less than a year ago. There are now approximately 34 states with averages lower than last year.
This relief comes as Americans drive less and oil prices remain lower. According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million barrels per day last week, approximately 605,000 barrels per day lower than a year ago. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million barrels to 219.1 million barrels.
At the close of Friday's formal trading session, West Texas Intermediate decreased by 44 cents to settle at $71.02. Crude prices softened last week due to a stronger dollar. Additionally, crude prices were pushed down after the EIA reported that total domestic commercial crude stocks fell by 5.2 million barrels, a lower amount than the market expected. The domestic commercial crude supply is 19 million barrels lower than the beginning of December 2021.