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NE Ohio gas prices dip
Tribune Chronicle
Northeast Ohio motorists saw the price of gas drop this week to $2.753 per gallon, which is a 4.6 cent decline from last weeks price.
Last week, the average price of gasoline in northeast Ohio was $2.799 per gallon.
According to the AAA Fuel Gauge, the nationwide average price of self-serve regular gasoline also saw a one-week decline, falling 1 cent a gallon in the last seven days to $2.856.
The price of gasoline had steadily risen since February.
One reason for the price drop is the reopening of refineries that had been shut down due to repairs. That increased supplies.
Gasoline supplies are 3.5 percent less than levels a year ago and stand at 197 million barrels, according to Phil Flynn, a senior energy analyst for Alaron Trading. Ideally, the U.S. should have a 210-million barrel supply of gasoline before Memorial Day.
This will be a difficult number to achieve because the U.S. consumption of gasoline is about 9.4 million barrels per day, while daily production is at 8.7 million gallons. Foreign oil imports are needed to keep up with demand.
During the week of April 28, 2006, the average cost of a gallon of gasoline was $2.867.
The AAA East Central offices survey of 16 gasoline stations included stations in Niles and Ravenna.
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