Gas prices shrinking steadily

Local News

Average prices could go soon under $2 a gallon

Gas prices are declining steadily.

Image by andreas160578 from Pixabay

YOUNGSTOWN, Ohio (WKBN) – Gas prices may be more expensive right now than the same time last year, but the price gap has been shrinking steadily, according to AAA.

Statewide, Ohio’s average price for gasoline is $2.31 per gallon. That’s seven cents cheaper than this time last week.

Regional gas prices are cheaper on the week and month, but as much as 23 cents more year to year. However, it’s the smallest year-over-year difference seen in two months, largely due to decreasing oil prices.

Regional stock levels have not been this healthy since March 2019, according to AAA, and are expected to increase this month, pushing gas prices even lower.

More states in the region could soon be selling gas under the $2/gallon mark.

This week’s average prices:

  • Northeast Ohio Average – $2.31
  • Average price during the week of February 3, 2020 – $2.42
  • Average price during the week of February 11, 2019 – $2.16

According to AAA, at the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. 

Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.

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