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It's been a cruel, cruel summer for motorists in Northeast Ohio with gas prices 30 cents higher than the previous week, according to AAA East Central's Gas Price Report on Monday.
At $4.212 per gallon, regional pricing is within a dollar of the all-time record of $5.036 per gallon set on June 13, 2022, according to AAA. A year ago, the average for regular unleaded was $3.201.
AAA reported the average price in Niles was $4.238 and $4.119 in Youngstown.
On Monday afternoon, drivers using GasBuddy.com reported prices of $3.69 per gallon at Gateway Gas Mart and Sam's Club along the South Avenue corridor in Youngstown and Boardman. The same website posted $3.85 as the lowest per gallon price in two Trumbull County locations: Quinn's (Cortland) and Circle K (Hubbard).
The national average for a gallon of regular unleaded gas has dropped 2 cents over the past week to $4.09. Crude oil prices remain in the $80 per barrel range as instability lingers along the Strait of Hormuz. Gas prices are nearly a dollar higher than they were this time last year. Typically, August brings some relief at the pump as road trips wind down and fall routines get underway for many families. But elevated crude oil prices could have an impact on that seasonal shift.
According to the Energy Information Administration, gasoline demand increased last week from 8.94 million to 9.04 million barrels per day. Total domestic gasoline supply remained flat at 211.3 million. Gasoline production increased last week, averaging 9.9 million barrels per day.
During Monday's formal trading session, West Texas Intermediate fell to $78.64 per barrel in the morning and rose to $80.29 by midday. On Friday, the price hit $86.60.
The EIA reports that crude oil inventories decreased by 7.2 million barrels from the previous week. At 404.5 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.
U.S. stocks got a lift as the price for a barrel of Brent crude sank to $83.67 near the end of Monday trading. It dropped after President Donald Trump said over the weekend that he decided to hold off on new strikes against Iran at the urging of allies in the region.
The national average per kilowatt hour of electricity at a public EV charging station stayed the same this past week at 42 cents.
The nation's top 10 most expensive gasoline markets are California ($5.66), Hawaii ($5.45), Washington ($5.13), Nevada ($4.80), Alaska ($4.74), Oregon ($4.65), Arizona ($4.44), Illinois ($4.34), Idaho ($4.31) and Montana ($4.29).
The nation's top 10 least expensive gasoline markets are Texas ($3.60), Indiana ($3.61), Mississippi ($3.65), Louisiana ($3.66), South Carolina ($3.66), Tennessee ($3.67), Oklahoma ($3.69), Kentucky ($3.69), Arkansas ($3.73) and Alabama ($3.74).