South Central Ohio gas prices dropped by a dime this week to $2.025 per gallon, according to AAA East Central’s Fuel Gauge Report.
On the National Front
Pump prices have fallen for 10 consecutive days, reaching today’s national average price of $2.17 per gallon. Drivers are benefiting from the lower price of retail gasoline, with today’s average five cents less per gallon than one week ago, and eight cents less than one month ago. The abundance of crude oil in the global market is contributing to lower prices, and as a result, retail averages are the same price as compared to one year ago.
Historically, gasoline demand tends to decline during the month of November, and with the autumn refinery maintenance season nearing completion, pump prices are expected to move lower to close out the year, barring any unanticipated outages or supply disruptions.
Prices in Ohio dropped significantly over the past week and continue to be impacted primarily by supply and demand. Ohio experienced one of the country’s biggest weekly price decreases a (-12 cents), where average gas prices dropped below $2 per gallon to $1.98.
Global crude oil supply continues to outpace demand, which for now is keeping a ceiling on prices. The West Texas Intermediate (WTI) opened this week’s trading session posting losses, building on last week’s decline due to continued supply worries. At the closing of Friday’s formal trading session on the NYMEX, the WTI was down $1.25, settling at $43.41 per barrel.
This week’s average prices: South Central Ohio Average $2.025
Average price during the week of Nov. 7, 2016 – $2.128
Average price during the week of Nov. 16, 2015 – $2.074
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.063 East Liverpool
$1.964 Washington Court House
Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 82 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.