Ohio Gas Prices Remain Unseasonably Low

CLEVELAND, OH — For the second straight week, it appears that Ohio's gas prices will remain low during the early summer. Gasoline demand has dropped throughout the first half of June, reports travel agency AAA. That unexpected drop has led to unseasonably low gas prices in the Buckeye State and across the nation.

A gallon of regular gas will cost Ohioans an average of $2.11 at the pump this week. That's down from $2.21 a week ago. It's also way down from $2.49 a year ago.

Gasoline demand has been unseasonably low to begin the summer season. Prices usually spike in accordance to demand, and families usually hit the road for vacation in June. But demand has not increased as much as anticipated, leading to high gas stocks and reserves and diminished prices.

Demand did increase over the Memorial Day holiday, AAA says, but demand has been dropping throughout most of June. Couple lower-than-expected demand with news that U.S. and Nigeria and Libya increased their oil output, and lower gas prices could be the norm for the rest of June.

Gas prices are currently lower than they've been in four years for this point-in-time. All of the Great Lakes region is experiencing a similar drop. AAA cites research from the EIA saying gas inventory in the region is sitting at about 55 million bbl, which is 4 million bbl more than last year.

Ohio isn't the only state seeing low prices at the pump. Indiana's gas prices dropped 16 cents over the course of a week, Michigan is down 11 cents, and Pennsylvania is down 7 cents.

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