According to AAA, gas prices have increased nearly seven cents. The national average is $2.772.This week’s South Central Ohio average price is $2.823. The average price during the week of June 22, 2015 was $2.757 and the average price during the week of July 1, 2014 was $3.703.
On the National Front
Despite rising prices over the past several months, drivers are poised to pay the lowest prices at the pump over the Fourth of July holiday weekend in at least five years. While pump prices are down on the week, they are up four cents per gallon month-over-month, largely due to regional refinery issues that put upward pressure on the national average over the last 30 days. Gas prices continue to reflect considerable yearly discounts with drivers saving an average of 90 cents per gallon versus this same date last year.
Pump prices often fall leading up to the Independence Day holiday. However, a seasonal decline in the national average this year has been offset by supply shortages due to localized refinery issues and global crude prices that have recovered from multi-year lows this spring.
Concerns of oversupply continue to characterize the global oil market. The pending June 30 deadline for an Iranian nuclear deal could contribute further to the market’s oversupply if current sanctions are removed and Iranian oil returns to the global market.. Escalating tensions in these regions have the potential to cause supply disruptions, which could contribute to price volatility in the near term.
Market watchers are also paying close attention the European Union, where Greece may default on its debt obligations this week. This sets up a Greek referendum for this coming weekend on whether the country should accept a bailout deal offered by international creditors. This news sent global oil prices lower this morning on worries of reduced global demand and the potential for instability in global financial markets. At the close of Friday’s formal trading on the NYMEX, WTI was down seven cents and settled at $59.63 per barrel.
South Central Ohio Area Prices
Here is the price per gallon of unleaded self-serve gasoline in various areas:
Washington Court House