The average price of gasoline across South Central Ohio is 13 cents higher this week at $3.015 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio average: $3.015; Washington Court House average: $3.014
Average price during the week of December 27, 2022 $2.888
Average price during the week of January 4, 2022 $3.087
The average price of unleaded self-serve gasoline in various areas:
$3.341 East Liverpool
The late December winter storm and its frigid temperatures caused gas prices to spike, with refineries as far south as Texas and the Gulf Coast forced to shut down temporarily. The storm also caused holiday travelers to fuel up and hit the road early to beat the bad weather, leading to a spike in overall gas demand. The national average for a gallon of gas rose 12 cents over the last week to hit $3.22. This is 20 cents less than a month ago and six cents less than a year ago.
According to data from the Energy Information Administration (EIA), gas demand rose from 8.7 to 9.3 million barrels per day last week. Meanwhile, total domestic gasoline stocks fell by 3 million barrels to 223 million barrels. More demand and less supply helped push pump prices higher.
At the close of Friday’s formal trading session, WTI increased by $1.86 to settle at $80.26. A weaker dollar contributed to rising crude prices. Crude prices rose despite the EIA reporting that total domestic commercial crude stocks increased by 800,000 barrels to 419 million barrels. The increase signals that oil demand may be weakening amid ongoing market concerns that a recession or economic slowdown could occur this year.
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.