Mahoning Valley & U.S. - Across Northeast Ohio and through the Valley, gas prices have lowered just in time for 4th of July celebrations.

According to AAA East Central's gas price report, Northeast Ohio sees a $.19 decrease to gas prices overall from last week, with an average price set around $3.027 per gallon.

Gas prices in both Youngstown and Niles hover around $3 per gallon, with the average price of gas in Youngstown being reported at $2.981 per gallon and Niles being at $3.014.

The average price of gas in the Valley is $2.985 per gallon, only slightly above the state average price of $2.978. Last week, Ohio's average for gas prices was $3.146 per gallon putting Ohio's statewide gas price decrease at almost $.17.

Ohio's average gas price ranks as the 32nd most expensive in the nation, with California's $4.594 per gallon being the most expensive and Mississippi being the least expensive at $2.715 per gallon.

The national average gas price dropped four cents, putting it at $3.18 per gallon, a $.31 decrease from this time last year.

Gasoline's production has remained the same but gasoline demand increased by around 400,000 barrels per day with domestic gasoline supply decreasing from 230 million barrels to 227.9 million, according to the Energy Information Administration (EIA).

West Texas Intermediate settled at $64.92 a barrel, a $.55 increase and EIA reports that crude oil inventories have decreased by 5.8 million barrels putting the inventories 11% below the five-year average for this time of year.

 

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