South Central Ohio gas prices decreased by four cents this week to $2.376 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
The New Year began with increased gas prices reaching today’s average of $2.35 per gallon. The national average has moved higher for 35 of the past 36 days, largely due to market reactions to last fall’s OPEC deal. Pump prices increased by six cents on the week, by 18 cents per gallon on the month, and are up by 36 cents on the year.
Both crude oil benchmarks closed out the year posting the largest annual gains since 2009, with Brent gaining 52 percent and West Texas Intermediate gaining 45 percent to close the year. These gains can largely be attributed to the OPEC agreement, a deal brokered by OPEC and non-OPEC countries to cut crude oil production by 1.8 million barrels per day in an effort to rebalance the global oil supply. Additionally, as 2016 came to a close, U.S. gasoline production reached a record high of 10.537 million bbl for the last week in December.
Typically, domestic demand falls in January, so higher gasoline production may lead to a stock build in the coming weeks and could have a bearish market impact on gasoline. In 2017, traders will continue to monitor whether participating countries adhere to the OPEC agreement and the rate at which U.S. gasoline production increases. At the close of formal trading session on December 30 on the NYMEX, West Texas Intermediate closed out the year down five cents to settle at $53.72 per barrel.
This week’s average prices: South Central Ohio Average $2.376
Average price during the week of December 27, 2016 $2.419
Average price during the week of January 4, 2016 $1.917
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.358 East Liverpool
$2.377 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.