Gas prices continue to slightly dip in Northeast Ohio
Gas prices are continuing to slightly decrease throughout Northeast Ohio according to the latest reports from AAA East Central's Gas Price Report.
The average price for gasoline in Northeast Ohio is a penny lower this week at $2.992 per gallon compared to last week's $3.001. This time last year, the average price was $2.164.
This week's national average has not budged from last week, remaining at $3.28.
According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased slightly by 1.5 million barrels to 222.7 million barrels last week.
Gasoline demand increased from 8.99 million b/d to 9.72 million b/d. Growing demand and tight supply would support more significant increases in pump prices, but fluctuations in the price of crude oil have helped limit price increases.
At the close of Monday's formal trading session, West Texas Intermediate increased by 87 cents to settle at $76.08.
Despite demand concerns over the Omicron variant, crude prices have increased since the EIA reported that total domestic oil stocks decreased by 3.6 million barrels last week to 420 million barrels.
Meanwhile, the fire at the Exxon Mobil Corp plant in Baytown Texas is causing some reduced gasoline output. However, recent reports indicate that the damage was to a non-refining section of the complex.
