The average price of gasoline across South Central Ohio is 13 cents higher this week at $1.621 per gallon, according to AAA East Central’s Gas Price Report.
After nearly eight weeks of some of the largest pump price declines in the country, many of the Great Lakes and Central States have seen significant increases in the past week. Wisconsin (+27 cents), Ohio (+19 cents), Indiana (+16 cents) and Michigan (+13 cents) top the charts for the biggest weekly increases in the country, all with double-digit jumps. However, increases are not universal for the region. A handful of states are seeing gas prices continue to decline, just at a few pennies on the week.
While regional gasoline stocks decreased for a third week, refinery rates jumped from 65% up to 72% in the Energy Information Administration’s (EIA) latest report. Refineries could be increasing production as many Great Lakes and Central States plan for businesses to reopening. Motorists in the region could see prices to continue to increase in the coming week, although how much will vary by state from pennies to a dime or more.
This week’s average prices: South Central Ohio Average: $1.621
Average price during the week of April 27, 2020 $1.495
Average price during the week of May 6, 2019 $2.788
The average price of unleaded self-serve gasoline in various areas:
$1.554 East Liverpool
$1.596 Washington Court House
On the National Front
State gas price averages increased for less than a dozen states in the last week, but they were large enough jumps to push an increase to the national average. At $1.78, today’s average is a penny more expensive than last week, 16 cents less than a month ago and $1.11 cheaper than at this point last year.
As some states begin to re-open businesses, they will likely see demand increase and pump prices will likely follow suit. Although U.S. gasoline demand has incrementally increased, it remains below 6 million b/d.
On the week, the Great Lakes and Central region saw double-digit increases in a few states, but the bulk of the country saw decreases of a nickel or less. Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.
At the end of Friday’s formal trading session, West Texas Intermediate increased by 94 cents to settle at $19.78 per barrel. Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease, as demand for gasoline moves up and the 9.7 million b/d production reduction agreement between the Organization of the Petroleum Exporting Countries and other major crude producers takes effect this month and next month.
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.