South Central Ohio gas prices increased by six cents this week to $2.228 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
Pump prices remain relatively stable, with today’s national average price for regular unleaded gasoline holding at $2.29 per gallon. Today’s average price is down by a fraction of a penny compared to one week ago, but has moved one cent higher compared to last month. Drivers are paying 31 cents more per gallon at the pump compared to this same date last year.
Volatility continues to characterize pump prices in the Great Lakes region. Ohio is one state that saw double-digit declines at the start of the month, only to see gains over the past seven days, adding 6 cents on average.
OPIS reports that a unit fire has slowed production at a LyondellBasell refinery in Houston, Texas. The refiner ships most of its gasoline to the Midwest through the Magellan Pipeline. Wolverine Pipe Line Company reports that the new Detroit Metro Access Pipeline (DMAP) is now in service and is transporting refined oil products from Chicago to Detroit.
While prices have been flat in recent weeks, a long-term bearish sentiment continues to underscore the global oil market as speculation about the balance between OPEC cuts and U.S. production drives the market. On Friday, oil service company, Baker Hughes, reported that the U.S. rig count increased again last week when producers added 14 drilling rigs, bringing the total rig count to 631 in the United States. Traders will continue to watch whether OPEC and non-OPEC members make moves to further cut production in an attempt to balance the global oil supply. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up three cents to settle at $48.78 per barrel.
This week’s average prices: South Central Ohio Average $2.228
Average price during the week of March 13, 2017 $2.168
Average price during the week of March 23, 2016 $1.940
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.102 East Liverpool
$2.242 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 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.