The average price of gasoline across South Central Ohio is nine cents lower this week at $3.582 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.582; Washington Court House Average: $3.585
Average price during the week of September 6, 2022 $3.670
Average price during the week of September 13, 2021 $2.987
The average price of unleaded self-serve gasoline in various areas:
$3.524 East Liverpool
The national average price for a gallon of gas fell seven cents in the past week to reach $3.71, a level not seen since the beginning of March. The primary reason for this decline is the recent lower cost for oil. This trend has helped pump prices fall steadily for three straight months. Today’s national average is 26 cents less than a month ago but 54 cents more than a year ago.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.25 to settle at $86.79. Although a weakening dollar helped to increase crude prices at the end of the week, prices dropped earlier in the week amid ongoing market concerns that oil demand will fall if economic growth slows or stalls due to a recession. Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased significantly by 8.9 million barrels to 427.2 million barrels.
According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.59 million barrels per day to 8.73 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by 300,000 barrels to 214.8 million barrels. Although gasoline demand has increased slightly, lower oil prices have led to falling pump prices. If gasoline demand begins to subside, as it typically does post-Labor Day with the end of summer driving, pump prices could continue to decrease.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 71 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.