The average price of gasoline across South Central Ohio is nine cents more expensive this week at $2.541 per gallon, according to AAA East Central’s Gas Price Report.
Six Great Lakes and Central States land on this week’s top 10 list with the largest increases, including Ohio (+12 cents). In the region, gas prices range from $2.43 to $2.74.
The region saw the second largest decrease in gasoline stocks this week with a draw of 1 million barrels, per the Energy Information Administration’s (EIA) latest data report. The decrease drives total stocks down to 55.7 million, the lowest measure on count this year, helping to push prices upward.
This week’s average prices: South Central Ohio Average: $2.541
Average price during the week of March 18, 2019 $2.452
Average price during the week of March 26, 2018 $2.429
The average price of unleaded self-serve gasoline in various areas:
$2.418 East Liverpool
$2.570 Washington Court House
On the National Front
With an eight-cent jump on the week, at $2.62, the national average continues to trend more expensive since mid-February. Increasing demand and tightening gasoline stocks have been helping to drive prices upward, and with spring around the corner, motorists could see prices increase further in the weeks ahead as demand continues to increase. However, while today’s national average is nearly a quarter more expensive than last month, it is only two cents more expensive than last year at this time.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 94 cents to settle at $59.04. U.S. stock market losses dragged oil prices lower despite new data from the EIA that revealed that total domestic crude inventories fell by nearly 10 million barrels to 439.5 million. In addition to current global crude oil dynamics, the larger-than-expected drawdown could be a sign of higher crude prices to come, which would likely lead to more expensive gasoline.
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.