Gas prices increase by 8 cents - 19 Action News|Cleveland, OH|News, Weather, Sports

Gas prices increase by 8 cents

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CLEVELAND, OH (WOIO) -

Northeast Ohio drivers have to dig a little deeper into their wallets since area gas prices increased over eight cents to $3.391 this week.

According to the Fuel Gauge, today's national average price for a gallon of regular unleaded gasoline is $3.36. This price is a nickel more than one week ago and seven cents more than one month ago, but it remains seven cents cheaper than the average price one year ago.

Prices have risen mostly because of higher oil prices from positive economic news and recent regional refinery issues. This has included the ExxonMobil and Phillips 66 refineries in Illinois; HollyFrontier in New Mexico; Western Refining in El Paso, TX; Chevron in El Segundo, CA; and Cherry Point in Washington State.

Additionally, Hess announced today that it will permanently close its Port Reading, NJ refinery by the end of February due to poor refining margins. The refinery has a capacity of 70,000 barrels per day, which accounts for 7.5 percent of Northeast production.

The closure is likely to further squeeze already tight gasoline supplies in the Northeast and will require additional product to be brought to the region from the Gulf Coast and overseas.

Over the last week average gasoline prices have increased in every state with exception of Montana (and Washington, D.C.). At Monday's close of formal trading on the NYMEX, the price of WTI - the traditional U.S. benchmark product - settled up 56 cents at $96.44 per barrel. This is the highest settlement price since September 17.

 

This week's average prices: Northeast Ohio Average$ 3.391

Average price during the week of January 22, 2013$ 3.307

Average price during the week of January 29, 2012$ 3.385

 

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