South Central Ohio gas prices increased by 15 cents this week to $2.171 per gallon, according to AAA East Central’s Fuel Gauge Report.
On the National Front
The national average price of regular unleaded gasoline has increased for seven consecutive days, reaching today’s price of $2.18 per gallon. Today’s average price represents an increase of five cents per gallon compared to one week ago, four cents less than one month ago and 14 cents more than the same date last year.
The Organization of Petroleum Exporting Countries (OPEC) elected to cut its collective production when the group met last Wednesday in Vienna, Austria, in an effort to rebalance the global oil supply and raise prices. Markets reacted quickly to the production agreement with crude oil gaining 12 percent and leading to increased retail prices. The deal is set to take effect in January 2017.
Traditionally this time of year gives way to lower gas prices as a result of cheaper to produce winter-blend fuel and less demand. However, due to the agreement from OPEC it is still unclear if prices will retreat considerably ahead of the upcoming holidays.
OPIS reports that BP’s 430,000-b/d Whiting refinery in Indiana has completed planned maintenance work and should now be producing at full production rates. A lack of refinery issues in the region has created ample supply which should help pressure pump prices back down in the coming weeks.
Following last week’s announcement of OPEC’s production agreement, markets continued to react to the news as oil sold for more than $50 a barrel. This agreement aims to rebalance an oversupplied market and calls for a production cut of 1.2 million barrels per day by the cartel. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 62 cents to settle at $51.68 per barrel.
This week’s average prices: South Central Ohio Average $2.171
Average price during the week of Nov. 28, 2016 $2.024
Average price during the week of Dec. 7, 2015 $1.891
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.104 East Liverpool
$2.155 Washington Court House
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.