The average price of gasoline across South Central Ohio is 10 cents cheaper this week at $2.518 per gallon, according to AAA East Central’s Gas Price Report.
Four Great Lakes and Central states top the charts for the largest weekly decreases in the country: Indiana (-14 cents), Ohio (-14 cents), Michigan (-14 cents) and Kentucky (-11 cents).
Across the region, state averages are cheaper on the week, month and year. On the month, pump prices are a nickel to 14 cents less on average. Compared to this time last year, pump prices range from 18 to 36 cents cheaper.
Stocks decreased by 2 million barrels in the Energy Information Administration’s (EIA) latest report for the week ending Oct.18. At 48.5 million barrels, gasoline stocks sit at their lowest level since this past June, but are on par with levels from this time last year. The latest refinery utilization rate was recorded at 84%, the second lowest in the country. Motorists are likely to see typical volatility at the pump into early November as regional refineries undergo maintenance.
This week’s average prices: South Central Ohio Average: $2.518
Average price during the week of October 21, 2019 $2.616
Average price during the week of October 29, 2018 $2.663
The average price of unleaded self-serve gasoline in various areas:
$2.467 East Liverpool
$2.602 Washington Court House
On the National Front
The national gas price average dropped by four cents on the week to $2.60, despite a jump in gasoline demand and a dip in gasoline stocks. That is the largest one-week decrease since gas prices started to increase more than six weeks ago. Today’s average is a nickel cheaper than last month and 21-cents cheaper than this time last year.
Refinery maintenance across the country continues, though utilization rates have increased in the last week. This could mean further declines to the national average in the weeks ahead if demand drops.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 43 cents to settle at $56.66. Crude prices increased last week after an EIA report which revealed that total domestic crude inventories fell by 1.7 million barrels to 433.2 million. Growth in crude exports, from 3.24 million b/d to 3.68 million b/d helped to push crude inventories lower. When compared to last year at this time, export rates are 1.5 million b/d higher. If total domestic crude inventories decrease again, crude prices could increase.
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.