AAA: Lower crude oil prices could ease recent spikes at the pump

CLEVELAND — The average price for gasoline across Northeast Ohio is 27 cents higher this week at $4.084 per gallon, according to AAA East Central's Gas Price Report. This week's average prices: Northeast Ohio Average — $4.08.4Average price during the week of March 7, 2022 — $3.81.4Average price during the week of March 15, 2021 — $2.72.6 Average prices of the unleaded self-service gasoline in various areas: $4.09.9 — Alliance$4.09.8 — Ashland$4.09.0 — Ashtabula$4.10.0 — Aurora$4.09.4 — Chesterland$4.08.2 — Cleveland$4.08.0 — Elyria$4.08.1 — Independence$4.00..4 — Lorain$4.09.4 — Lyndhurst$4.09.1 — Massillon$4.08.8 — Mentor$4.09.3 — New Philadelphia$4.08.7 — Niles$4.09.9 — Norwalk$4.08.0 — Oberlin$4.07.0 — Parma$4.08.9 — Ravenna$4.07.1 — Solon$4.09.7 — Willard$4.07.9 — Youngstown Trend Analysis:After cresting above $123 per barrel shortly after Russia's invasion of Ukraine, the price of crude oil has gradually fallen below $110. If this trend holds, it may remove some of the extreme upward price pressure consumers have found at the pump. The national average price of a gallon of gas hit $4.33 on Friday, March 11, before falling a penny and holding throughout the weekend and Monday at $4.32. Today's national average is 26 cents more than a week ago, 84 cents more than a month ago, and $1.47 more than a year ago. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.4 million barrels to 244.6 million barrels last week. Meanwhile, gasoline demand rose slightly from 8.74 million barrels per day to 8.96 million barrels per day. The increase in gas demand and total supply reductions are contributing to rising pump prices. However, increasing oil prices play the lead role in pushing gas prices higher as the cost of crude oil accounts for about 50% of what drivers pay at the pump. Consumers can expect the current trend at the pump to continue if crude prices continue to climb. At the close of Friday's formal trading session, West Texas Intermediate increased by $3.31 to settle at $109.33. Crude prices have eased as the market continues to find replacement barrels of oil and further supply growth for the tight market becomes apparent. However, the market remains volatile and additional disruptions or escalation of the current crisis in Ukraine could cause prices to surge again this week. Additionally, EIA reported that total domestic crude stocks decreased by 1.8 million barrels last week to 411.6 million barrels. The current stock level is approximately 17% lower than at the end of February 2021, which continues to put pressure on domestic crude prices. Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.