The average price of gasoline across South Central Ohio is 11 cents cheaper this week at $2.630 per gallon, according to AAA East Central’s Gas Price Report.
Motorists in five Great Lakes and Central states saw double digit declines at the pump this week. Statewide, Ohio motorists are seeing the largest declines nationwide, paying 19 cents less at an average of $2.57. The Buckeye State is also home to one of the largest monthly decreases in the country (-29 cents.)
Gas prices declined as inventory jumped in the region by 1.1 million barrels to a total of 50 million barrels. This was supported by a 5 percent increase in regional refinery utilization, which was reported at 100% by the Energy Information Administration (EIA).
This week’s average prices: South Central Ohio Average: $2.630
Average price during the week of August 5, 2019 $2.745
Average price during the week of August 13, 2018 $2.709
The average price of unleaded self-serve gasoline in various areas:
$2.558 East Liverpool
$2.609 Washington Court House
On the National Front
Today’s national gas price average ($2.64) is seven cents cheaper on the week, 13-cents less than a month ago, and 21-cents cheaper than a year ago.
This week’s decline is largely due to an increase in domestic gasoline inventory, which outpaced a weekly increase in demand. According to the EIA’s latest data, stocks built by 4.4 million barrels. Contributing to the build was at least 1.2 million b/d of imports at U.S. ports. With the large bump, stocks now sit 235 million barrels – a U.S. stock level not seen since the end of March.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by a $1.96 to settle at $54.50. Crude prices increased last week after reports emerged that OPEC is considering additional crude production cuts. In July, the cartel announced that it and its partners would extend the 1.2 million b/d crude production reduction agreement for an additional nine months. More details about the potential production cuts will likely be discussed at OPEC’s next meeting in December.
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.