Northeast Ohio gas prices rose eight cents to $3.18 per gallon this week, according to AAA East Central.
On the National Front
After falling to a multi-year low of $3.18 per gallon last Tuesday, the national average price of gas has inched higher on seven straight days. Today’s national average at the pump— $ 3.21 per gallon — is three cents more expensive than one week ago, but it remains 14 cents cheaper than one month ago and 21 cents less than the same day last year.
Drivers in more than 30 states and D.C. are paying more for gasoline compared to one week ago, led by increases in a number of Midwestern states: Mo. (+8 cents), Mich. (+9 cents), Ohio (+10 cents) and Ind. (+10 cents). These price increases in the Midwest were supported Sunday night into Monday morning by heavy storms that swept through the region and raised concerns of potential refinery disruptions. As of yesterday afternoon, there were reports that the storm may have impacted production at ExxonMobil’s refinery in Joliet, Illinois, but the overall impact appears limited.
Five states currently post a state average price at the pump that is below $3 per gallon. On Saturday, for the first time since January 5, motorists in every state in the U.S. were paying less than $4 per gallon.
The price of West Texas Intermediate (WTI) crude oil has settled below the $100 per barrel mark for five straight weeks now. Prices continued to drift lower Monday as WTI settled 81 cents lower at $93.03 per barrel at the close of formal trading on the NYMEX. This is the lowest settlement for WTI since May.
This week’s Northeast Ohio average price: