AAA: Pump prices slide lower

CLEVELAND — The average price for gasoline across Northeast Ohio is 25 cents lower this week at $4.121 per gallon, according to AAA East Central's Gas Price Report. This week's average prices: Northeast Ohio Average — $4.121Average price during the week of July 18, 2022 — $4.376Average price during the week of July 26, 2021 — $3.045 Average prices of the unleaded self-service gasoline in various areas: $3.936 — Alliance$4.190 — Ashland$4.168 — Ashtabula$4.375 — Aurora$4.445 — Chesterland$4.115 — Cleveland$3.898 — Elyria$4.202 — Independence$3.817 — Lorain$4.265 — Lyndhurst$3.878 — Massillon$4.127 — Mentor$4.110 — New Philadelphia$3.961 — Niles$4.255 — Norwalk$4.091 — Oberlin$4.158 — Parma$4.032 — Ravenna$4.254 — Solon$4.258 — Willard$4.004 — Youngstown Trend Analysis:Modest demand for gas and lower oil prices resulted in pump prices falling again, down 17 cents since last week to $4.35. Today's average is 63 cents less than a month ago and $1.20 more than a year ago. The steady decline is due to low domestic demand for gasoline and oil prices that remain in the mid-$90s per barrel. The price of gas has now fallen every day since hitting a record $5.01 on June 14. According to new data from the Energy Information Administration (EIA), gas demand rose from 8.06 million barrels per day to 8.52 million barrels per day last week. However, that rate is 800,000 barrels per day lower than last year and is in line with demand during July 2020, when COVID-19 restrictions curbed demand. Additionally, total domestic gasoline stocks increased by 3.5 million barrels to 228.4 million barrels, signaling that low demand led to growth in inventory last week. At the close of Friday's formal trading session, West Texas Intermediate decreased by $1.65 to settle at $94.70. Crude prices declined last week as the market continues to worry that weak demand, which is typically strong throughout the summer, could continue to push prices lower. A strengthening dollar also helped to push crude prices lower last week. Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.