Gas prices continue to fall in the Valley thanks to lower demand
Mahoning Valley - Gas prices are continuing to fall in the Mahoning Valley this week thanks to a lower demand.
According to AAA East Central, this week's average price for gasoline in Northeast Ohio is $3.259, 17 cents lower than last week's $3.420 and nine cents lower than last year's $3.344.
Lower demand for gasoline, as well as fluctuating oil prices are cited as the primary reasons for the dip in pump prices. This week's national average of $3.40 per gallon is the same as last month and 13 cents lower than last year.
According to the latest Energy Information Administration (EIA) data, gas demand slightly dipped from 8.43 million barrels to 8.27 million barrels per day last week.
Meanwhile, total domestic gasoline stocks increased by 2.3 million barrels to 241.9 million barrels last week. Should this demand remain low, drivers may only see moderate price increases amid growing total stocks.
At the close of Wednesday's formal trading session, West Texas Intermediate decreased by 47 cents to settle at $78.59. Crude prices have dropped after EIA reports that total domestic crude inventories increased substantially by 16.3 million barrels to 471.4 million barrels.
