After falling by 16 cents last week, the average price of gasoline across South Central Ohio is another nine cents cheaper this week at $2.493 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices dropped by 4 cents or more across most of the region, with Michigan (-12 cents), Illinois (-9 cents), Oklahoma (-9 cents) and Ohio (-7 cents) landing on the list of top 10 largest weekly declines.
Compared to last month, all motorists in the Great Lakes and Central states are seeing a cost savings at the pump. The states seeing the largest drops are: Ohio (-29 cents), Michigan (-28 cents), Indiana (-26 cents), Kentucky (-21 cents), Illinois (-20 cents), Tennessee (-19 cents) and Oklahoma (-19 cents).
On the week, regional gasoline inventories built by 200,000 barrels to register at 48.3 million barrels. Refinery production has also been strong in the region, with operating rates increasing 4% on the week to reach a total of 88%.
This week’s average prices: South Central Ohio Average: $2.493
Average price during the week of June 10, 2019 $2.587
Average price during the week of June 18, 2018 $2.712
The average price of unleaded self-serve gasoline in various areas:
$2.475 East Liverpool
$2.546 Washington Court House
On the National Front
The national average price of gasoline is six cents cheaper this week at $2.68. This marks a consistent downward trend since Memorial Day, which is unusual for this time of year. Pump prices usually trickle higher during the summer months due to increased demand. However, the latest Energy Information Administration (EIA) report reveals that total domestic gasoline inventories jumped a million barrels last week, helping to push pump prices lower. According to the Oil Price Information Service (OPIS), strong production output and increased imports have helped gasoline storage levels grow consistently over the past four weeks.
According to the latest EIA report, gasoline demand reached 9.877 million b/d last week – the 6th highest weekly count on record. Today’s national average is $2.68, which is six cents cheaper than last week, 17 cents less than last month and 20 cents less than the same time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 23 cents to settle at $52.51. Crude prices increased late last week after an attack on two tankers in the Gulf of Oman. This attack heightened market fears that rising tensions could continue in the Middle East and negatively impact crude oil availability. If tensions between the U.S. and Iran escalate, the market will likely continue pushing global crude prices higher.
Before market fears increased, the price of crude hit its lowest point in six months last week. The drop in crude oil prices was supported by EIA revealing that total domestic crude inventories grew again by 2.2 million barrels and now sit at 485.5 million. The current level is 53 million barrels higher than last year’s level at this time. An oversupply of crude has increased concerns that the market has a glut of oil – even as U.S.-imposed sanctions on Iran and Venezuela have worked to reduce global supply.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 79 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.