South Central Ohio drivers will have some extra change in their pocket this week as gas prices dipped a little over nine cents per gallon to $2.331, according to AAA East Central.
On the National Front
The nation’s markets that have seen the largest price decreases week-over-week are Indiana, Ohio, Michigan, Kentucky and Illinois. The decrease in retail prices may be attributed to less demand and adequate supply.
Markets continue to react to OPEC’s oil production agreement, as participating countries implement cuts. Tuesday saw petroleum futures rise following remarks by Saudi Arabia’s Energy Minister Khalid al—Falih, who said that Saudi Arabia would adhere to the output agreement. He also is confident that the agreed upon production cuts would rebalance the market and that it would not be necessary to further limit production beyond the six-month agreement if all countries continue to abide by the OPEC agreement.
These comments follow reports that Saudi Arabia has cut production by more than 486,000 barrels per day. Traders will continue to keep an eye on oil supply and demand as OPEC and non-OPEC countries implement the terms of their agreement. At the closing of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) was down 64 cents to settle at $52.37 per barrel.
This week’s average prices: South Central Ohio Average $2.331
Average price during the week of January 9, 2017 $2.423
Average price during the week of January 18, 2016 $1.777
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.302 East Liverpool
$2.261 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.
AAA East Central is a not-for-profit association with 82 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.