Northeast Ohiio - The average gas price in Ohio is continuing to drop for the week of December 13, 2021 with the current average in Northeast Ohio at $3.095 per gallon. Three cents lower than the previous week.

Last week's average was $3.126 and the average gas prices for the week of December 14, 2020 was $1.961. The state average this week is $3.33.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by nearly 4 million barrels to 219.3 monthly barrels last week.

Meanwhile, gasoline demand was relatively flat, creeping upwards from 8.8 million barrels per day to 8.9 million barrels per day. This slight increase in demand was countered by crude prices in the low $70s per barrel.

At the close of last week's formal trading session, West Texas Intermediate increased 73 cents to settle at $71.67. Crude prices slightly increased after EIA's weekly report showed that total domestic crude inventories decreased by 200,000 barrels to 432.9 million barrels.

The current storage level is approximately 14% lower than the storage level at this time in 2020, which is helping to keep crude prices elevated.

Additionally, prices rebounded last week as optimism increased that the omicron variant of COVID-19 would not have as large of an impact on global energy demand as initially feared.