South Central Ohio gas prices dropped by 10 cents this week to $2.281 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
National gas prices have dropped slowly on the week. Today’s average price for a gallon of regular unleaded gasoline is $2.39, a three cents drop from one week ago; however, it is an increase of nine cents over last month and 18 cents more than this time last year. One year ago, the country was experiencing higher consumer demand and prices were increasing. Fast forward to today, consumers are still experiencing higher gas prices over last year due to the OPEC agreement, but we are not seeing substantial increases at the pump due to increased gasoline inventories and low demand across the country.
With decreases as much as 13 cents, prices at the pump have dropped in the Great Lakes and Central States. In the region, six states made the top ten list of largest weekly decline including Ohio (-10 cents). Overall, the region is seeing gasoline demand flatten while production grows. Currently, the region’s gasoline stocks are about 1-2 million barrels higher than levels in the last two years and could potentially increase as the region is typically a receiver of other regional gasoline during the summer driving season.
At the close of trading Friday, April 28, on the NYMEX, West Texas Intermediate increased 36 cents to settle at $49.33. The below $50 price per barrel can be partly attributed to increasing crude oil stocks. The United States is increasing production ahead of talks to extend a production cut agreement from OPEC and non-OPEC countries, which is scheduled to end on June 30. The countries in the agreement will meet on May 25 in Vienna, Austria to discuss whether to end or extend the supply reduction.
On Monday morning, US petroleum futures were down, reflecting continued concern about growth in U.S. production. However, there is reason to believe that continued low price per barrel is reducing global investment in oil exploration, which could lead to tighter supplies moving forward. Last week, the International Energy Agency released information that revealed global oil discoveries fell to a record low in 2016, as companies continued to cut spending and conventional oil projects were at their lowest level in 70 years.
This week’s average prices: South Central Ohio Average $2.281
Average price during the week of April 24, 2017 $2.383
Average price during the week of May 2, 2016 $2.340
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.260 East Liverpool
$2.253 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.