Banking & Finance

Despite Climb, Gas Prices Down $1.11 from Year Ago

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PITTSBURGH — Gas prices are up 20 cents from a week ago in northeastern Ohio, but the average price is still down more than $1 from the price motorists were paying a year ago, AAA East Central’s Fuel Gauge report shows.

This week, the average price of regular unleaded gasoline in the region is $2.244 per gallon, up from $2.045 the week of Feb. 2. Despite the recent climb, following a record 123 days of declining prices at the pump, drivers are paying $1.11 less per gallon than they were a year earlier. The average price of gas nationally for the week of Feb. 11, 201, was $3.391.

The average price per gallon is slightly lower than the regional average in Youngstown, where motorists are paying $2.148 per gallon. In Niles, the average price is $2.169, AAA reports.

Separately, GasBuddy.com issued an alert this morning that reported gasoline prices are “beginning to jump in areas of the Great Lakes, with some stations spiking to $2.39 per gallon in Michigan, Indiana and Ohio. It is likely that most stations in these areas will raise prices at some point today to $2.39 per gallon,” GasBuddy.com said.

AAA attributes the increases to a couple of factors. February typically marks the start of seasonal refinery maintenance in preparation for the summer driving season. Refineries usually schedule maintenance during the first several months of the year when demand is relatively low, leading to lower production and supplies.

In addition, about 5,200 members of the United Steelworkers recently walked off their jobs at refineries and chemical plants responsible for processing more than 10% of U.S. petroleum products, creating additional market uncertainty.

Published by The Business Journal, Youngstown, Ohio.

Published by The Business Journal, Youngstown, Ohio.