May 30, 2023 - News

Cleveland gas prices are lower than last summer

Illustration of a gas sign with a dollar sign for the "S"

Illustration: Sarah Grillo/Axios

If recent months are any indication, Clevelanders will save some money at the pumps this summer.

Driving the news: Local drivers were paying an average of $3.48 per gallon of regular gasoline as of May 1, compared to $4.48 a year ago, according to GasBuddy.

The big picture: Gas prices set record all-time highs last year amid a broader inflation crisis, and driven in part by Russia's invasion of Ukraine, which destabilized global energy markets.

Zoom out: Nationally, gas prices are rising slightly compared to previous months — but they're still well below last year's levels as we head into the travel-heavy summer season.

  • The nationwide average price per gallon of regular gasoline has been $3.53 throughout May 2023, compared to $4.60 a year ago, Alex Fitzpatrick reports.

Zoom in: Heading into Memorial Day weekend, the average price of regular gas in the Cleveland area was $3.51 per gallon, according to AAA.

  • That's below the average of $4.46 per gallon in Northeast Ohio during the same period in 2022.

Yes, but: Prices in Cleveland were still above the pre-pandemic average of $2.74 per gallon drivers paid the week before Memorial Day weekend in 2019.

What's next: AAA and others are predicting near-record travel this summer, which could spike demand — and thus lead to higher prices — in the warmer months.

What they're saying: "Despite mild weather and a less volatile economic forecast, drivers are not hitting the road and raising gasoline demand to traditional seasonal levels," said AAA spokesperson Andrew Gross in a statement.

  • "It's possible this is merely the lull before Memorial Day, but it could be a trend that lingers into summer."
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