AAA: Gas prices continue to fall

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The average price of gasoline across South Central Ohio is seven cents lower this week at $3.271 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio average: $3.271; Washington Court House average: $3.221

Average price during the week of March 20, 2023 $3.345

Average price during the week of March 28, 2022 $4.018

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

$3.428 Athens

$3.164 Chillicothe

$3.066 Columbiana

$3.146 East Liverpool

$3.399 Gallipolis

$3.165 Hillsboro

$3.399 Ironton

$3.368 Jackson

$3.112 Logan

$3.497 Marietta

$3.218 Portsmouth

$3.235 Steubenville

$3.379 Waverly

Trend Analysis:

With the arrival of spring and better driving weather, gas demand surged over the last week. However, fears of a recession caused global oil prices to hover near $70 a barrel, which is keeping gas prices lower. The national average for a gallon of regular gasoline dropped three cents since last week to hit $3.43. Today’s national average is four cents more than a month ago but 80 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.59 million to 8.96 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased significantly by 6.4 million barrels to 229.6 million barrels last week. Increasing demand amid tighter supply would typically push pump prices higher; however, recent lower oil prices have pushed gas prices down.

At the close of Wednesday’s formal trading session, West Texas Intermediate did increase by $1.23 to settle at $70.90. Crude prices rose after the EIA reported that demand grew amid a reduction in gasoline stocks, signaling to the market that demand may be more robust than anticipated this year despite ongoing economic concerns. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.1 million barrels to 481.2 million barrels last week.

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.

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