South Central Ohio gas prices continue to drop for a third week in a row for local drivers, saving them an additional dime per gallon, as gas prices lower to $2.117 per gallon this week, according to AAA East Central’s Gas Price Report.
On the National Front
Continual growth in the number of U.S. oil rigs and the increased drilling it implies are raising expectations for a climb in domestic oil production. Additionally, increased U.S. crude oil production coupled with lower driving demand has kept downward pressure on the national average price at the pump, which has fallen for 21 consecutive days. Today’s national average price for regular unleaded gasoline is $2.27 per gallon, down four cents versus one week ago, five cents less than one month ago, but 47 cents more per gallon year-over-year.
Pump prices in the Great Lakes region continue to drop this week with Ohio landing at the top of the list of the largest weekly decline, dropping an additional 11 cents. Like suppliers in the Rockies, those in the Great Lakes and Central region are offering steep discounts to help clear out product. Low demand and healthy supply in the Great Lakes region should continue to pressure prices down over the next week.
Markets opened Monday morning posting steady crude oil prices as a result of increased U.S. oil production. Oil-services firm Baker Hughes reported that drillers added 15 rigs in the U.S., bringing the total crude oil rig count to 556, the highest since November 2015. The increased U.S. production continues to offset OPEC’s efforts to rebalance the global oil market.
End of month surveys of OPEC production cuts are expected tomorrow and traders will be paying close attention to the cartel’s agreement compliance. Market watchers will also keep a close eye on U.S. production and the impact it has on supply and demand. At the closing of Friday’s formal trading session on the NYMEX, West Texas Intermediate was down 61 cents to settle at $53.17 per barrel.
This week’s average prices: South Central Ohio Average $2.117
Average price during the week of Jan. 23, 2017 $2.219
Average price during the week of Feb. 1, 2016 $1.668
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.167 East Liverpool
$1.967 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.