AAA: Gas prices keep sliding lower

The average price of gasoline across South Central Ohio is 14 cents lower this week at $3.459 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio: $3.459; Washington Court House: $3.456

Average price during the week of November 21, 2022 $3.594

Average price during the week of November 29, 2021 $3.215

The average price of unleaded self-serve gasoline in various areas:

$3.489 Athens

$3.559 Chillicothe

$3.167 Columbiana

$3.435 East Liverpool

$3.430 Gallipolis

$3.525 Hillsboro

$3.369 Ironton

$3.731 Jackson

$3.259 Logan

$3.483 Marietta

$3.460 Portsmouth

$3.420 Steubenville

$3.644 Waverly

Trend Analysis:

The national average for a gallon of gas dropped 12 cents this week to $3.54, which is 22 cents less than a month ago and 15 cents more than a year ago. It is the steepest weekly decline since early August.

According to data from the Energy Information Administration (EIA), gas demand, excluding holiday travel, fell from 8.74 million to 8.33 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by more than 3 million barrels to 211 million barrels. Increasing supply and fewer drivers fueling up have pushed pump prices lower.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.66 to settle at $76.28. Crude prices dropped last week due to growing economic concerns despite the EIA reporting that total domestic commercial crude stocks had declined by 3.7 million barrels. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are meeting on December 4. If OPEC+ decides to revise its production reduction agreement to more than 2 million barrels, prices could be affected.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.

AAA East Central is a not-for-profit association with 70 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.