Banking & Finance

Northeast Ohio Gas Prices Show Rise in AAA Index

PITTSBURGH — Gas prices in Northeast Ohio jumped 15 cents over the past week, as national prices reversed the downward trend that had been the norm in recent months.

AAA East Central’s Fuel Gage report put the price of a gallon of regular unleaded gasoline in Northeast Ohio at $2.045 this week, up from $1.893 during the week of Jan. 28 although down from $3.323 during the week of Feb. 4, 2014.

In Youngstown, the average price for a gallon of unleaded self-serve regular is $1.987, AAA reports. In Niles, the price is $2.017.

After falling for a record 123 consecutive days, the national average price for regular unleaded gas inched upward Jan. 27 by fractions of a penny, AAA says. It attributes the rise to a series of refinery issues in the Midwest and crude oil prices trading at more stable levels following a multi-month selloff.

Similar to past years, the national average is expected to rise in the coming months in response to seasonal demand increases and refinery maintenance, AAA projects. With global oil prices continuing to register multi-year lows and supply outpacing demand, barring any events that would cause global prices to increase, AAA expects gas to remain below $3 per gallon through 2015.

Published by The Business Journal, Youngstown, Ohio.

Published by The Business Journal, Youngstown, Ohio.