The average price of gasoline across South Central Ohio is a penny cheaper this week at $2.481 per gallon, according to AAA East Central’s Gas Price Report.
Price declines have mostly slowed since last week in the Great Lakes and Central region. Although Michigan (-8 cents) is on the top 10 weekly decreases list, Ohio and Missouri saw no change to their state averages from last week, while states like Iowa (-2 cents) and Wisconsin (-2 cents) saw their averages take a slight step back.
Regional gasoline stocks built by 1.7 million barrels, according to the Energy Information Administration (EIA), bumping totals to 58.2 million barrels. Stocks have been steadily building since mid-November and are at the highest level for the region since February 2019. Typical regional fluctuation aside, gas prices are poised to continue to edge cheaper through the end of the month.
This week’s average prices: South Central Ohio Average: $2.481
Average price during the week of January 20, 2020 $2.495
Average price during the week of January 28, 2019 $2.138
The average price of unleaded self-serve gasoline in various areas:
$2.486 East Liverpool
$2.543 Washington Court House
On the National Front
The national gas price average is $2.51, which is three cents cheaper than last week, four cents less than last month, and 25 cents more than a year ago. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million barrels – the highest stock level ever recorded by the EIA since it began recording the data in 1990.
The increase in inventory is pairing with lower seasonal demand for cheaper prices for motorists nationwide. The EIA estimates that demand grew slightly from 8.56 million b/d to 8.66 million b/d. However, the current rate is lower than last year’s 8.87 million b/d at this time.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by $1.40 to settle at $54.19. Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further.
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.