AAA: Gas prices dip as crude prices fluctuate

CLEVELAND — The average price for gasoline across Northeast Ohio is four cents lower this week at $4.04.1 per gallon, according to AAA East Central's Gas Price Report. This week's average prices: Northeast Ohio Average — $4.041Average price during the week of March 14, 2022 — $4.084Average price during the week of March 22, 2021 — $2.659 Average prices of the unleaded self-service gasoline in various areas: $4.09.9 — Alliance$4.05.2 — Ashland$4.04.8 — Ashtabula$4.09.0 — Aurora$4.09.4 — Chesterland$4.05.0 — Cleveland$4.03.7 — Elyria$4.07.6 — Independence$3.95.5 — Lorain$4.06.5 — Lyndhurst$3.98.4 — Massillon$4.04.9 — Mentor$4.05.7 — New Philadelphia$4.04.4 — Niles$4.01.2 — Norwalk$3.98.3 — Oberlin$4.03.0 — Parma$4.05.1 — Ravenna$4.01.2 — Solon$4.01.4 — Willard$4.05.9 — Youngstown Trend Analysis:After hitting a record $4.33 on March 11, the national average for a gallon of gasoline has fallen to $4.25. The primary reason is the lower global price of crude oil which peaked shortly after Russia invaded Ukraine. At the close of Friday's formal trading session, West Texas Intermediate settled at $104.70 but as the week begins, is hovering close to $110 per barrel. Domestically, gasoline demand is defying seasonal trends and has dipped slightly, perhaps in response to higher prices at the pump. According to new data from the Energy Information Administration (EIA), gasoline demand decreased slightly from 8.96 million barrels per day to 8.94 million barrels per day. The drop in gas demand is contributing to price decreases and the recent reversal in oil prices created some downward pressure on pump prices. However, should oil prices start to climb again, pump prices will likely follow. As gas prices remain well above $4, AAA recently conducted a survey of motorists to gauge potential changes to consumer behavior. Results showed 59% said they would change their driving habits or lifestyle if the cost of gas hit $4 per gallon. And if gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the pump price.