Ohio - The average gas price for Northeast Ohio is six cents lower for the week of December 6 with the average prices at $3.126 per gallon according to AAA East Central's Gas Price Support.

Last week, the average gas price for Northeast Ohio was $3.182 per gallon, and during the week of December 7, 2020, the average price was $2.064 per gallon.

The national average dipped four cents this week to $3.35 per gallon. Pump prices continue to decrease as fears of a possible COVID-19 global economic slowdown pushed oil prices into the mid $60s per barrel range, which hasn't been seen since August.

An additional factor in the drop in prices is the decision by OPEC and its oil-producing allies not to cut production. On December 2, OPEC+ announced that it would stick to its plan to raise production by 400,000 b/d in January.

According to new Energy Information Administration (EIA) data, total domestic gasoline stocks increased by more than 4 million barrels to 215,422 million barrels last week.

Meanwhile, gasoline demand dropped from 9.3 million b/d to 8.8 million b/d. This slight increase in demand also contributed to the drop in prices.