Pump prices remain at four-year highs as the market reacts to news the U.S. and Iran have agreed to reopen the Strait of Hormuz.
In Monday’s AAA East Central’s Gas Price Report, the organization reported the national average fell for the third straight week. However, in Northeast Ohio, prices were 7 cents higher at $4.218 per gallon. At this time last year, fuel prices averaged $3.116 per gallon.
The average price in Niles on Monday was $4.055 per gallon and $4.153 in Youngstown, the AAA reported.
At the intersection of North Road and East Market Street in Warren, regular fuel prices hovered Monday afternoon between $3.83 and $3.84 per gallon at Shell, Sheetz and Speedway, according to GasBuddy.com.
Along the South Avenue corridor in Boardman, prices ranged from $3.79 per gallon (Sam’s Club), $3.99 (Shell) and $4.01 (GetGo), GasBuddy.com reported.
The national average for a gallon of regular has been falling for three straight weeks, delivering some relief to drivers during the busy summer travel season. Since May 21, the national average has dropped from $4.56 to today’s average of $4.06 thanks to lower crude oil prices.
California is the most expensive state to purchase gasoline at $5.74 per gallon and Indiana the least expensive at $3.42.
After a deal was announced between the U.S. and Iran to reopen the Strait of Hormuz, crude oil prices opened this morning at $80 per barrel. If the national average drops below $4 per gallon, it will be the first time since March 30.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.59 million barrels per day to 8.73 million. Total domestic gasoline supply increased from 215 million barrels to 215.1 million. Gasoline production increased last week, averaging 9.7 million barrels per day.
At the close of Wednesday’s formal trading session, West Texas Intermediate rose $1.83 to settle at $90.03 a barrel. The EIA reports crude oil inventories decreased by 7.2 million barrels from the previous week. At 426.5 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
The national average per kilowatt hour of electricity at a public EV charging station went up one cent this past week to 42 cents.
AAA East Central is a not-for-profit association with 69 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.
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