AAA: Gas Prices Continue to Fall in Ohio

CLEVELAND — The average price for gasoline across Northeast Ohio is seven cents lower this week at $3.21 per gallon, according to AAA East Central's Gas Price Report. This week's average prices: Northeast Ohio Average — $3.21.0Average price during the week of July 3, 2023 — $3.28.7Average price during the week of July 11, 2022 — $4.59.1 Average prices of the unleaded self-service gasoline in various areas: $3.12.4 — Alliance$3.08.5 — Ashland$3.24.8 — Ashtabula$3.53.9 — Aurora$3.25.8 — Chesterland$3.26.6 — Cleveland$3.17.9 — Elyria$3.20.0 — Independence$3.09.1 — Lorain$3.26.1 — Lyndhurst$3.12.2 — Massillon$3.16.8 — Mentor$3.30.1 — New Philadelphia$3.13.1 — Niles$3.28.4 — Norwalk$3.23.4 — Oberlin$3.22.9 — Parma$2.96.9 — Ravenna$3.26.4 — Solon$3.24.2 — Willard$3.22.4 — Youngstown Trend Analysis:Pump prices barely budged over the past week, despite the expected demand surge due to the July 4th holiday. AAA predicted that more than 43 million people would hit the road to celebrate the nation's birthday. Despite the record number, the national average for a gallon of gas is just a penny higher since last week at $3.54. Today's national average is four cents lower than a month ago and $1.14 less than a year ago. According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.31 to 9.6 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased by 2.5 million barrels to 219.5 million barrels. At the close of Wednesday's formal trading session, West Texas Intermediate increased by $2 to settle at $71.79. Oil prices have increased due to market concerns that supply may be tight through the remainder of 2023. However, price increases have been capped due to ongoing market fears that a recession will occur. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 1.5 million barrels to 452.2 million barrels. Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.