Gas prices in South Central Ohio are up by 17 cents to $2.814 per gallon this week, according to AAA East Central’s Gas Price Report.
Following a week of decreases, gas prices are showing signs of volatility in the Great Lakes and Central states. On the week, Ohio gas prices jumped 15 cents after seeing an eight cent decrease on Monday (May 7) from the previous week. Ohio’s jump is the largest of any state in the country on the week.
With a 328,000 barrel draw, gasoline inventories continue to dwindle in the region. Despite more than two months of declines, however, total gasoline inventories are nearly 1 million barrels above last year’s levels measuring at 56 million.
Today’s average prices: South Central Ohio Average $2.814
Average price during the week of May 7, 2018 $2.645
Average price during the week of May 15, 2017 $2.287
Here is the price per gallon of unleaded self-serve gasoline in various areas:
$2.708 East Liverpool
$2.835 Washington Court House
On the National Front
At $2.87, the national gas price average jumped six cents on the week, with 36 states seeing gas prices that are a nickel or more expensive than last Monday. This can be attributed to the White House’s decision to re-impose sanctions on Iran, the nationwide switchover to summer blend gasoline, growing global demand, and shrinking supply. With the beginning of the summer driving season right around the corner, consumers may see prices continue to rise – especially if crude oil prices continue to increase.
Motorists across the country are seeing 19 percent of gas stations selling gas for $3.01 or more. Today’s gas price is 16-cents more expensive than one month ago and 53-cents more than one year ago. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 66 cents to settle at $70.70. Oil prices climbed to new highs for 2018 last week, following President Trump’s decision to re-impose economic sanctions on Iran and withdraw the U.S. from the Iran Nuclear Deal.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.