The average price of gasoline across South Central Ohio is two cents higher this week at $2.551 per gallon, according to AAA East Central’s Gas Price Report.
South Dakota ($2.50) was the only Great Lakes and Central state with stable gas prices on the week. Motorists in Michigan (+10 cents) and Illinois (+9 cents) saw the largest pump price jumps on the week while four states saw prices decrease, but only by a penny: Wisconsin ($2.38), Nebraska ($2.46), Ohio ($2.48) and Minnesota ($2.49). Every other state saw gas prices increase by one to three cents. (Kentucky, +3 cents). Ohio (-19 cents) ranks number 2 on the nation’s top 10 largest monthly change list.
The latest increases at the pump can be attributed to the large decrease in regional gasoline stocks – from 47.9 to 46.5 million barrels in the Energy Information Administration’s (EIA) latest report. Stocks have been decreasing weekly since the end of September. Regional refinery utilization rates, which increased minimally from 90.1% to 90.6%, likely helped keep most state increases on the smaller scale. If stocks increase along with refinery output in coming weeks, then motorists might see cheaper gas prices later this month.
This week’s average prices: South Central Ohio Average: $2.551
Average price during the week of November 4, 2019 $2.532
Average price during the week of November 12, 2018 $2.472
The average price of unleaded self-serve gasoline in various areas:
$2.409 East Liverpool
$2.661 Washington Court House
On the National Front
After weeks of unseasonably high demand, the latest EIA figures show a decrease to a more fall-like 9.1 million barrels-per-day. Despite lower demand, stocks drew by a significant 2.8 million barrels in part due to high exports. On the week, the national average increased one cent to $2.61.
Compared to a month ago, state averages are about a 50/50 split in being either more or less expensive. Only six states are carrying averages more expensive than a year ago including: California (+34 cents), Delaware (+12 cents), Nevada (+11 cents), Ohio (+8 cents), Arizona (+5 cents) and Oregon (+3 cents).
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by nine cents to settle at $57.24. Crude prices increased last week as a result of increased optimism that China and the U.S. – the world’s two largest crude consumers – are continuing to resolve ongoing trade tensions. In related news, the EIA’s most recent weekly report showed that total domestic crude inventories increased by 7.9 million barrels last week, bringing the new total to 446.8 million barrels. The current level is 15 million barrels higher than last year’s level at this same time.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 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.