Valley gas prices continue to drop despite uncertainty in oil market
Gas prices in the Mahoning Valley are continuing to decline despite oil market uncertainty since the Hamas terrorist attacks on Israel.
This week, the average price for a gallon of gasoline in Northeast Ohio is $3.184 compared to last week;s $3.292 and last year's $3.779.
While oil prices did go up a few dollars per barrel this week, this increase is far from the $40 per barrel temporary strike following Russia's invasion of Ukraine last year.
According to AAA East Central, the key difference here is that Russia is a significant oil producer, but neither Israel nor Palestine are.
According to the latest data from the Energy Information Administration (EIA), gas demand increased from 8.01 to 8.58 million barrels per day last week. Meanwhile, total domestic gasoline stocks fell by 1.3 million barrels to 225.7 million barrels.
Tepid demand alongside decreasing oil prices have pushed pump prices lower.