Gas prices in South Central Ohio jumped by 12 cents this week to $2.431 per gallon, according to AAA East Central’s Gas Price Report.
Across the Great Lakes and Central regions, gas prices are as cheap as $2.20 in Missouri and as expensive as $2.60 in Michigan. On the week, Ohio motorists saw a 15 cent increase at the pump, while other states saw decreases. Throughout the year, the region has been one of the most volatile – seeing prices take large jumps and declines from week to week.
Gasoline inventories had a small decline of 26,000 barrels. At 47.8 million bbl, inventories are at a 3.3 million barrel deficit compared to this time last year.
This week’s average prices: South Central Ohio Average $2.431
Average price during the week of Dec. 18, 2017 $2.311
Average price during the week of Dec. 27, 2016 $2.419
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.367 East Liverpool
$2.385 Washington Court House
On the National Front
Heading into the final week of the year, the national average price for a gallon of gasoline is $2.44, an increase of two cents on the week. As more drivers hit the road for the holidays, the increase in driving demand is likely the cause for increases in some states. Despite the incremental jump, motorists in 33 states are paying less on the week – as much as nine cents. Today’s average is about 26 cents per gallon higher than a year ago.
At the close of Friday’s formal trading session on the NYMEX, West Texas intermediate was up 11 cents to settle at $58.47. The price of oil took a slight hit last week after EIA’s weekly report revealed another record for U.S. crude production, which stands at nearly 9.8 million b/d. Moreover, according to Baker Hughes, Inc., the U.S. active oil rig count remained the same as it did last week, holding steady at 747.
In addition, crude oil inventories declined by 6.5 million barrels, driven mostly by high crude processing rates at refineries across the country. Gross crude inputs for this month have been running consistently above 17 million b/d, which has never happened before 2017. As the year draws to a close, market observers will watch this week’s data from EIA to see if high gasoline demand eats away at crude inventories, or if high levels of domestic crude production will build inventories despite high gasoline demand.
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 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.