South Central Ohio gas prices increased by eight cents this week to $2.288 per gallon, according to AAA East Central’s Fuel Gauge Report.
On the National Front
National pump prices have risen for 20 of the past 21 days, rising a total of 11 cents during this span. The national average price for regular unleaded gasoline sits at $2.24 per gallon, which is the highest mark since October. Today’s average is three cents more than one week ago, nine cents more compared to one month ago and 24 cents more than the same date last year. Prices continue to rise due to market expectations of tighter availability following the announcement of an OPEC deal to cut oil production that is scheduled to start in January 2017.
OPEC and non-OPEC members agreed this month to cut oil production collectively by 1.8 million barrels per day in an effort to rebalance the global oil market. In reaction to the OPEC agreement, U.S. interest in oil production has increased and drillers added 12 new oil rigs in the last week, bringing the total oil-rig count to 510 rigs nationwide, according to Baker Hughes Inc. Traders will continue to watch how OPEC and non-OPEC members move forward with the terms of the agreement and how U.S. oil producers react. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up $1.00 to settle at $51.90 per barrel.
This week’s average prices: South Central Ohio Average $2.288
Average price during the week of December 12, 2016 $2.206
Average price during the week of December 21, 2015 $1.828
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.104 East Liverpool
$2.231 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.