Gas prices in South Central Ohio are 11 cents more expensive this week at $2.105 per gallon, according to AAA East Central’s Gas Price Report.
Pump prices rose this week across the Great Lakes and Central states, with Ohio (+8 cents) seeing the largest jump. With these increases, many states’ averages have moved back over the $2/gal mark (Ohio, $2.04).
For the sixth straight week, gasoline inventories increased, adding a staggering 2.7 million barrels in the latest Energy Information Administration (EIA) report. Total stocks sit at 57 million barrels – a 4 million year-over-year surplus.
This week’s average prices: South Central Ohio Average: $2.105
Average price during the week of Jan. 7, 2019 $1.991
Average price during the week of Jan. 16, 2018 $2.475
The average price of unleaded self-serve gasoline in various areas:
$1.977 East Liverpool
$2.171 Washington Court House
On the National Front
At a penny more expensive on the week, the national gas price average ($2.25) increased for the first time since October. Despite the increase, today’s average is still cheaper month-over-month (-14 cents) and year-over-year (-28 cents).
The price of crude oil has been slowly, but steadily increasing since the beginning of the year, which is starting to push up pump prices. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased $1.00 to settle at $51.59. Overall, crude prices increased last week due to optimism that the trade tensions between China and the U.S. may be subsiding. Reduced trade volatility will likely help curtail stalled global economic growth that could have reduced global demand for crude.
Last week saw not only more expensive crude oil, but a sizeable build in U.S. gasoline stocks and a small increase in demand. Overall demand has been low lately, contributing to the growth in stocks and helping to keep gas prices lower despite increasing crude prices.
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.