Good News: Gas prices in the Buckeye state dropping

Gas prices falling in Ohio. (Source: WOIO)
Gas prices falling in Ohio. (Source: WOIO)

(WOIO) - Northeast Ohio gas prices fell about eight cents a gallon this week to $3.46, according to AAA East Central.

Today's national average price for regular unleaded gasoline is $3.61 per gallon. This price is about four cents less than one week ago and five cents less than one month ago. Today is the 18th consecutive day the national average has decreased. As predicted by AAA, the retail price at the pump continued to tick lower following the Independence Day holiday due primarily to lower crude oil costs as the situation stabilizes in Iraq, The national average may continue to slide or remain flat, barring any geopolitical concerns, major hurricane or refinery disruptions.

While prices in many states remain elevated, the price at the pump in 45 states and Washington D.C. has fallen over the past week with the biggest savings occurring in the Midwest, including in Kentucky (-10 cents) and Ohio (-9 cents). Year-over-year averages have increased in 36 states and Washington D.C. led by: Nevada (+17 cents), Pennsylvania (+16 cents) and Alaska (+13 cents).

Although the situation in Iraq remains unresolved, the possibility of disruptions to supply is increasingly viewed as unlikely. Oil production has returned in Libya, following the labor disputes and violence that resulted in the closing of national oil fields and ports. Market watchers will continue to monitor the instability in Iraq and Libya, with a watchful eye to Ukraine, Venezuela and Nigeria, but after rising to a multi-month high ($107.26 per barrel on June 20), the price of West Texas Intermediate (WTI) crude oil has now fallen over three straight weeks. At the close of formal trading on the NYMEX on Monday, WTI settled eight cents higher at $100.91.

This week's Northeast Ohio average price:

$ 3.463

Average price during the week of July 8, 2014:

$ 3.546

Average price during the week of July 16, 2013:

$ 3.603

The following is a list of the average price of unleaded self-serve gasoline in various areas:

$3.490 - Alliance

$3.438 - Ashland

$3.642 - Ashtabula

$3.453 - Aurora

$3.484 - Chesterland

$3.441 - Cleveland

$3.404 - Elyria

$3.468 - Independence

$3.365 - Lorain

$3.433 - Lyndhurst

$3.290 - Massillon

$3.540 - Mentor

$3.550 - New Philadelphia

$3.505 - Niles

$3.385 - Norwalk

$3.471 - Oberlin

$3.465 - Parma

$3.542 - Ravenna

$3.452 - Solon

$3.436 - Willard

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