The average price of gasoline across South Central Ohio is six cents lower this week at $2.521 per gallon, according to AAA East Central’s Gas Price Report.
Three Great Lakes and Central States land on the top 10 list for the country’s largest changes on the week: Ohio (-12 cents), Michigan (+10 cents), and Indiana (+7 cents). These states saw the largest volatility in the region whereas most states saw fluctuation of no more than three cents.
Energy Information Administration (EIA) data show that both regional refinery rates and gasoline stocks built on the week. Regional refineries rates bumped up to 94% (a 3% increase), while stocks increased by 800,000 barrels. While many states saw gas prices increase, this combination helped to keep those changes minimal for motorists in the region.
This week’s average prices: South Central Ohio Average: $2.521
Average price during the week of Dec. 2, 2019 $2.588
Average price during the week of Dec. 10, 2018 $2.199
The average price of unleaded self-serve gasoline in various areas:
$2.596 East Liverpool
$2.590 Washington Court House
On the National Front
At $2.57, the national gas price average is a penny cheaper on the week. Most states saw minimal movement at the pump in the last week, several saw decreases of up to four cents, and fewer than a dozen states saw gas prices increase. Today’s national average is a nickel cheaper than last month, but 15-cents more expensive than this time last year.
Since the end of October, gasoline demand has mostly decreased as gasoline stocks have mostly increased, paving the way for cheaper gas prices. Barring any outlying factors, AAA expects stocks to continue to grow and drive gas prices even cheaper through year-end.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 77 cents to settle at $59.20. Crude prices rose after reports emerged that OPEC and its partners announced an agreement to cut crude production by an additional 500,000 b/d to help maintain prices amid market fears of slowing global demand. The new OPEC production reduction agreement brings the total production cut to 1.7 million b/d — which is about 100,000 b/d more than projected — beginning on January 1, 2020. The reduction in global crude supply is expected to help drain the market, which will likely be oversupplied during the first half of next year. It is unclear how long the new agreement will be in place, but OPEC will likely review it and announce any amendments at its next meetings in March.
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.