The average price of gasoline across South Central Ohio is five cents more expensive this week at $2.615 per gallon, according to AAA East Central’s Gas Price Report.
As is customary in the Great Lakes and Central states, motorists are seeing volatility at the pump. Three states in the region land on the top 10 list for largest weekly changes with both increases and decreases. Statewide, motorists in Michigan (-10 cents) and Kentucky (-7 cents) saw the largest drops in pump prices while those in Indiana (+5 cents) are seeing the steepest increase. Ohio (+3 cents) was the only other state in the region to see gas prices increase.
Regional state gas price averages range from as expensive as $2.75 in Illinois to as cheap as $2.30 in Missouri (Ohio, $2.60).
Gasoline stocks in the region remained mostly stable, seeing a small decline of 25,000 barrel. Energy Information Administration (EIA) data also show that regional refinery utilization decreased 5%, down to 87%, which is a more moderate rate compared to other regions in the country. If stocks see another dip this week, alongside the lower refinery rate, the region may see continued leaps and dips at the pump this week.
This week’s average prices: South Central Ohio Average: $2.615
Average price during the week of October 7, 2019 $2.567
Average price during the week of October 15, 2018 $2.741
The average price of unleaded self-serve gasoline in various areas:
$2.625 East Liverpool
$2.696 Washington Court House
On the National Front
Despite an unseasonal spike in demand, according to the EIA’s latest data sets, gas prices are decreasing for most motorists across the country as oil prices remain relatively low. Today, the national average gas price is $2.63, which is two cents less than last week and 26 cents cheaper than last year, but six-cents more expensive than last month.
The largest weekly volatility with gas prices continues to happen in West Coast states, but that could be tapering off. The EIA’s data show that the region’s refinery utilization jumped by 10%, and gasoline stocks were relatively stable for the week ending Oct. 4, meaning there could be some relief in sight.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.15 to settle at $54.70. Crude prices increased slightly last week after Iran announced that one of its oil tankers was struck, potentially by missiles, in the Red Sea on Friday. The incident adds to concerns that increased tension in the Middle East could lead to a disruption in global crude supply. As of this morning, prices have moved back below $54 per barrel.
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.