Gas prices continue to climb in Valley due to crude oil production cuts
Gas prices are still soaring up in the Mahoning Valley due to significant crude oil production cuts.
This week's average in Northeast Ohio is $3.680 per gallon, which is 25 cents higher than last week's average of $3.43 per gallon. This is slightly lower than last year's average of $3.919 per gallon.
According to AAA East Central, the Organization of Petroleum Exporting Countries (OPEC's) announcement last weekend that it will be cutting production by over a million barrels per day was a major shock to the oil market.
In response, crude oil prices surged well above $80 per barrel, but it has since struggled to stay above that mark.
According to the latest data from the Energy Information Administration (EIA), gas demand slightly increased last week from 9.15 million barrels to 9.3 million barrels per day.
Meanwhile, total domestic gasoline stocks substantially decreased by 4.1 million barrels to 222.6 million barrels. Increased demand and tighter supply is pushing pump prices higher.