Gas prices continue to rise in Northeast Ohio after oil production cuts
Gas prices are continuing to rise in Northeast Ohio with AAA reporting an average of $3.924 per gallon. That's 23 cents more than last week.
Last week's average in Northeast Ohio was $3.695 per gallon and the average this time last year was $3.112 per gallon. The national average is $3.91 per gallon. The average price in Youngstown is $3.898 per gallon and the average price in Niles is $3.868.
The recent OPEC+ announcement that the group of oil-producing nations would slash output by 2 million barrels per day led barrel prices to increase to $90 apiece for the first time in several weeks.
At the close of Friday's formal trading session, West Texas Intermediate increased by $4.19 to settle at $92.64 per barrel.
According to new Energy Information Administration (EIA) data, total domestic crude inventories declined by 1.4 million barrels to 492.2 million barrels.
The report also shows gas demand has increased nationally from 8.89 million barrels per day to 9.47 million barrels per day last week. This higher demand mixed with tighter supply has led to higher pump prices nationwide.