Gas prices in South Central Ohio rose by nine cents this week to $2.287 per gallon, according to AAA East Central’s Gas Price Report.
On the National Front
Today’s national average is $2.34/gallon. This price is a penny cheaper than one week ago, seven cents less than a month ago, but +12 cents more than a year ago. The latest Energy Information Association (EIA) report shows that gasoline demand increased by 252,000 barrels on the week. Despite the jump in demand, the continued oversupply of gasoline caused prices in most parts of the country to drop or remain steady with the exception of some states in the Great Lakes and Central regions, where prices increased by a penny or more.
In coming weeks, the onset of summer travel is likely to increase demand which might help dip into high gasoline stocks; however, it may not be enough demand to increase prices significantly.
Despite high gasoline stocks in the regions, five states saw price increases on the week: Indiana (+9 cents), Ohio (+7 cents), Michigan (+7 cents), Illinois (+2 cents) and Minnesota (+1 cent). The region is carrying 55 million bbl in gasoline stocks- 2million bbl more than this same time last year.
On Monday morning, U.S. petroleum futures were just below $50 per barrel. Prices rallied after officials from Russia and Saudi Arabia announced that they plan to extend production cuts into March 2018. This news comes after OPEC released its May report, which warns that the global oil market will not rebalance by the end of the year unless there is a collective effort from all oil producers to increase market stability.
Last week, U.S. drillers added an additional nine oil rigs, bringing the total U.S rig count to 712 and marking 17 weeks of growth. The expected result of OPEC’s actions is far from certain. Until it is, drivers may continue to benefit at the pump – even during the typically more expensive summer driving season.
This week’s average prices: South Central Ohio Average $2.287
Average price during the week of May 8, 2017 $2.198
Average price during the week of May 16, 2016 $2.257
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.262 East Liverpool
$2.272 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.