Gas prices keep soaring

Norwalk Reflector, Ohio
2 min read
0

Jun. 6—CLEVELAND — The average price for gasoline across Northeast Ohio is 38 cents higher this week at $4.81.2 per gallon, according to AAA East Central's Gas Price Report.

This week's average prices: Northeast Ohio Average — $4.81.2

Average price during the week of May 31, 2022 — $4.43.3

Average price during the week of June 7, 2021 — $2.91.5

Average prices of the unleaded self-service gasoline in various areas:

$4.82.2 — Alliance

$4.81.2 — Ashland

$4.79.7 — Ashtabula

$4.78.8 — Aurora

$4.86.4 — Chesterland

$4.88.3 — Cleveland

$4.80.5 — Elyria

$4.88.6 — Independence

$4.79.7 — Lorain

$4.80.3 — Lyndhurst

$4.76.7 — Massillon

$4.80.8 — Mentor

$4.79.7 — New Philadelphia

$4.74.6 — Niles

$4.82.2 — Norwalk

$4.86.3 — Oberlin

$4.81.5 — Parma

$4.79.2 — Ravenna

$4.79.2 — Solon

$4.80.0 — Willard

$4.79.7 — Youngstown

Trend Analysis:

The cost of gasoline is increasing rapidly across the country in part due to seasonal trends and the rising cost of crude oil. The cost of a barrel of oil is nearing $120, nearly double from last August, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand rose last week in the wake of a robust Memorial Day weekend of travel. As a result, the national average for a gallon of gas surged 25 cents in one week to hit $4.86. Today's national average is 59 cents more than a month ago, and $1.81 more than a year ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 barrels to 219 million barrels last week. Meanwhile, gasoline demand grew from 8.8 million b/d to 8.98 million b/d as drivers fueled up for Memorial Day weekend travel. These supply and demand dynamics have contributed to rising pump prices. Coupled with volatile crude oil prices, pump prices will likely remain elevated as long as demand grows and supply remains tight.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 72 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.

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