After three weeks of decreasing gas prices for South Central Ohio, the price of gas has leveled out this week to $2.125 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
The national average price of regular unleaded gasoline remained relatively stable over the past week, settling at today’s price of $2.27 per gallon. Although today’s average remains flat compared to one week ago, drivers are paying ten cents less per gallon month-over-month, and 52 cents more per gallon year-over-year.
Pump prices have been pressured higher overall due to cuts in oil production globally, but increased U.S. production and low demand has led to a leveling out of prices over the last couple of weeks. The U.S. Energy Information Administration’s (EIA) latest weekly estimates of U.S. gasoline demand show that January 2017 figures are down 6 percent from January 2016 and are at their lowest standing for the first month of the year since 2012.
As is often the case, volatility has characterized pump prices in the Great Lakes region over the past few weeks. Many states in the region reflected double-digit decreases three weeks ago, only to see gains over the past seven days, with the price of gas climbing up by 5 cents in Ohio and 3 cents in Kentucky. The latest EIA report shows that Midwest gasoline stocks increased by nearly 3.5 million oil barrel (bbl) to a total of almost 60 million bbl last week – the fifth consecutive weekly build and a clear sign of low regional demand.
The nation’s top five least expensive markets are: South Carolina ($2.03), Alabama ($2.06), Tennessee ($2.06), Ohio ($2.07) and Mississippi ($2.07).
Markets opened Monday morning with slightly higher oil prices following new U.S. sanctions imposed on Iran after its missile tests. Baker Hughes, an oil field services company, reported that U.S. energy companies added 17 oil rigs the week of February 3, bringing the total U.S. rig count to 583.The potential for more U.S. oil production has kept a ceiling on oil prices and diminished the impact of efforts by OPEC and non-OPEC countries to cut production and rebalance global oil supply. Traders will keep an eye of U.S.-Iran relations and any further gains in U.S. oil production. At the closing of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 29 cents to settle at $53.83 per barrel.
This week’s average prices: South Central Ohio Average $2.125
Average price during the week of Jan. 30, 2017 $2.117
Average price during the week of Feb. 8, 2016 $1.567
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.150 East Liverpool
$2.020 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.