Gas prices continue to drop in Mahoning Valley due to lower demand
Ohio & Mahoning Valley - Less people fueling up is leading to lower gas prices for folks in the Mahoning Valley.
According to AAA East Central, this week's average price for a gallon of gasoline in Northeast Ohio is $3.420 compared to last week's $3.459 and last year's $3.241.
AAA cites less people fueling up and lower costs for oil as reasons for the price dip.
According to the latest data from the Energy Information Administration (EIA), gas demand slightly dropped last week from 8.49 million to 8.43 million barrels per day.
Data shows current gas demand rate as approximately 700,000 barrels per day lower than the rate during the first week of February 2022. Meanwhile, total domestic gasoline stocks significantly increased by 5 million barrels to 239.6 million barrels last week.
At the close of Friday's formal trading session, West Texas Intermediate increased by $1.33 to settle at $78.47. Crude prices rose last week due to persistent market optimism that oil demand would be stronger than expected.
