AAA: Northeast Ohio gas prices drop below $3 mark

CLEVELAND — The average price for gasoline across Northeast Ohio is four cents lower this week at $2.96.0 per gallon, according to AAA East Central's Gas Price Report. This week's average prices: Northeast Ohio Average — $2.96.0Average price during the week of Nov. 27, 2023 — $3.00.0Average price during the week of Dec. 5, 2022 — $3.37.5 Average prices of the unleaded self-service gasoline in various areas: $2.98.4 — Alliance$2.97.8 — Ashland$2.98.2 — Ashtabula$3.08.0 — Aurora$3.00.4 — Chesterland$2.97.0 — Cleveland$2.94.1 — Elyria$2.96.5 — Independence$2.85.4 — Lorain$2.99.4 — Lyndhurst$2.96.6 — Massillon$2.96.8 — Mentor$2.97.4 — New Philadelphia$2.96.7 — Niles$2.95.6 — Norwalk$2.77.5 — Oberlin$2.94.8 — Parma$2.97.0 — Ravenna$2.98.6 — Solon$2.96.9 — Willard$2.94.1 — Youngstown Trend Analysis: Despite dropping demand, the national average for a gallon of gas fell by only a penny since last week. Today's national average of $3.24 is 18 cents less than a month ago and 17 cents less than a year ago. According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.48 to 8.21 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 218.2 million barrels. Lower gas demand has contributed to limiting pump price increases amid fluctuating oil prices. At the close of Wednesday's formal trading session, West Texas Intermediate increased by $1.45 to settle at $77.86. Oil prices increased due to market concerns that OPEC+ will maintain its production reduction agreement through 2024. A tight oil supply could elevate prices if demand moves higher than expected. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.6 million barrels to 449.7 million barrels last week. Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.