The average price for gasoline in Northeast Ohio has dropped four cents this week with a regional average of $4.041 per gallon.

This is compared to last week's average of $4.084 per gallon and last year's $2.659 per gallon. The main reason for the slight drop in prices is the lower price of crude oil, which peaked shortly after Russia invaded Ukraine.

At the close of Friday's formal trading session, West Texas Intermediate settled at $104.70 per barrel, but as the week begins, is hovering close to $110 per barrel. In the U.S., gasoline demand is defying seasonal trends and has slightly dipped, most likely in response to higher prices at the pump. 

According to new data from the Energy Information Administration (EIA) gasoline demand slightly decreased from 8.96 million barrels per day to 8.94 million barrels per day.

This drop in demand is contributing to price decreases and the recent reversal in oil prices created some downward pressure on pump prices. However, should oil prices begin to climb once again, pump prices are likely to follow suit.