The average price of gasoline across South Central Ohio is three cents higher this week at $2.614 per gallon, according to AAA East Central’s Gas Price Report.
The majority of Great Lakes and Central states saw pump prices push cheaper by as much as three cents this week. Ohio was one of two states in the region to see a slight uptick (+1 cent).
With a 1-million-barrel build, gasoline stocks increased for a third week and sit at their highest level since early April of this year, according to Energy Information Administration (EIA) data. Regional refinery utilization held strong at 99%, indicating that the region could expect cheaper gas prices next month, with one stipulation being any refinery maintenance planned in the fall.
This week’s average prices: South Central Ohio Average: $2.614
Average price during the week of August 19, 2019 $2.580
Average price during the week of August 27, 2018 $2.819
The average price of unleaded self-serve gasoline in various areas:
$2.489 East Liverpool
$2.711 Washington Court House
On the National Front
At $2.59, the national gas price average is on track to be potentially the cheapest Labor Day weekend average in three years. Today’s average is already nearly a quarter cheaper than during last year’s holiday ($2.83) and four cents cheaper than 2017’s Labor Day ($2.63). For Americans who bookend summer with road trips, they will find that two-thirds of all states have gas price averages that are nearly a quarter cheaper than last year. While some states may see gas prices increase by a few pennies ahead of the holiday weekend, any moves will likely be short-term.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by $1.15 to settle at $54.17. Crude prices strengthened after the EIA revealed that total domestic crude inventories fell by 2.7 million barrels. Then, on Friday, crude oil prices took a downward turn as a result of continued trade tensions between the U.S. and China. Reuters reported that oil prices fell more than 2% on Friday after China unveiled retaliatory tariffs against $75 billion worth of U.S. goods. In response, President Trump tweeted that he would raise tariffs on $250 billion in Chinese goods from 25 to 30 percent on October 1. Market watchers will keep a close eye on U.S.-China trade talks and the impact increasing tariff costs could have on global crude oil demand.
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.