CLEVELAND — In case you haven't noticed, and we're sure that you have, gas prices around Northeast Ohio are down under $3 a gallon at many gas stations. GasBuddy reports the average gasoline prices have dropped 14.9 cents a gallon over the last week in Greater Cleveland, averaging $2.94 a gallon. That's 48.3 cents lower than a month ago and 68.6 cents lower than this time last year.
A seasonal drop in demand, coupled with lower oil prices and a hurricane season that has not disrupted refineries, are pushing prices lower, said Patrick DeHaan, head of Petroleum Analysis for GasBuddy.
"The national average is now at its lowest level since earlier this year but it's at the lowest seasonal level in at least three years since the pandemic. So by all accounts it's looking fairly good if you're a motorist," he said.
Monday also marked the mid-September switch by a lot of gasoline producers to the cheaper-to-make winter blend, which will only contribute to the lower prices.
"We should be flirting with sub $3 prices for the next, will say three months or so. I really don't see a big organized increase or an upward trend in prices until late winter, early spring," DeHaan said. "We expect the national average will probably fall under $3 a gallon for the first time since 2021. That could happen in the next few weeks."
In addition, DeHaan said the price of diesel has also fallen to its lowest level in three years.
"That could spell more improvement in terms of grocery prices and other goods that are transported via semi truck so not only good news for gas prices but also diesel."
When it comes to how people feel about the economy, gas prices are one of the most impactful indicators because it's something consumers are reminded of multiple times a day by the gas stations they pass.
"Gasoline prices [are] certainly one of the key economic barometers that many Americans use," said DeHaan. "If prices are high they feel oppressed, if they decline or if they're low people's sentiment or how they feel about the economy drastically improves."
GasBuddy puts the average price of a gallon of gas in Akron at $2.8, down 22.5 cents per gallon from last week's $3.05.
