Slight dip at the pump in Northeast Ohio
After dropping eight cents last week, Northeast Ohio gas prices are down by another penny this week to $2.309 per gallon according to AAA East Central’s Gas Price Report.
Great Lakes and Central states’ gas prices are showing signs of volatility. On the week, the majority of the states saw prices decrease, but Ohio (+4 cents) is among the handful of states that are paying more compared to last week. Despite Ohio’s gas-price increase, the state remains in the nation’s top 10 least expensive markets.
Gasoline inventories continue to build week over week since the start of the year. According to the Energy Information Administration’s latest report, inventories built by 740,000 barrels to total at 58.3 million barrels. Inventories are just 1.8 million below last year this week.
The average price is Youngstown is $2.31. The lowest price in Northeast Ohio is in Alliance at $2.24.
On the national front, at $2.52, the national gas price average is the cheapest pump price seen this month. The national gas price average for the month of February is $2.56, which is 29 cents more expensive than the $2.28 average of February 2017. On the week, gas prices decreased 1 cent.