The average price of gasoline across South Central Ohio is three cents cheaper this week at $1.495 per gallon, according to AAA East Central’s Gas Price Report.
The cheapest gas prices can be found in the Great Lakes and Central States region this week, with seven states landing on the top 10 list for cheapest averages in the country: Wisconsin ($1.19), Ohio ($1.38), Michigan ($1.40), Kentucky ($1.43), Indiana ($1.44), Missouri ($1.46) and Iowa ($1.47). On the week, state gas price averages decreased as much as a nickel in the region.
Regional gasoline stocks decreased in the Energy Information Administration’s (EIA) latest report while regional refinery utilization held steady. Stocks decreased by 1.7 million barrels to total 58.4 million barrels. Refinery rates were stable at 65%, though down significantly compared to rates this time last year (92%).
This week’s average prices: South Central Ohio Average: $1.495
Average price during the week of April 20, 2020 $1.522
Average price during the week of April 29, 2019 $2.743
The average price of unleaded self-serve gasoline in various areas:
$1.398 East Liverpool
$1.202 Washington Court House
On the National Front
As gas prices continue to push cheaper across the country, a dozen states carry an average of $2/gallon or more. Today’s national average is $1.77, which is four cents less than last week, 28 cents cheaper than last month and $1.11 less than a year ago. Some states could see minimal fluctuation at the pump in coming weeks if demand jumps as business are given the green light to re-open. However, this will not have a large impact for most of the nation’s motorists.
Crude oil prices were extremely volatile last week, pushing negative for the first time ever, but they did make significant gains to end the week in the positive. At the end of Friday’s formal trading session, WTI increased by 44 cents to settle at $16.94 per barrel. This increase was in response to reports of the Organization of the Petroleum Exporting Countries reducing crude output before the May 1 start date of its 9.7 million b/d production reduction agreement for May and June 2020. Crude prices will likely remain volatile this week, as the market continues to assess how much crude demand will continue to fall during the ongoing pandemic.
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.