The average price of gasoline across South Central Ohio is seven cents higher this week at $2.117 per gallon, according to AAA East Central’s Gas Price Report.
Most of the Great Lakes and Central region saw smaller increases at the pump this week of three cents or less, although two states landed on the top 10 list for largest weekly jumps: North Dakota (+9 cents) and Ohio (+6 cents).
The region was just one of two to see inventory build. According to the Energy Information Administration (EIA), stocks increased by 455,000 barrels to push total levels to 54.5 million barrels. On trend with the rest of the country, gas prices in the region will continue to increase, though at a slower rate, in the week ahead.
This week’s average prices: South Central Ohio Average: $2.117
Average price during the week of June 15, 2020 $2.044
Average price during the week of June 24, 2019 $2.580
The average price of unleaded self-serve gasoline in various areas:
$2.255 East Liverpool
$2.090 Washington Court House
On the National Front
This week, 30 states only saw an increase of a penny or two, causing the national average to push more expensive by three cents to $2.13 since last Monday. The national rise in gasoline prices has slowed, which can be partly tied to decreasing demand. Measuring at 7.87 million b/d, gasoline demand saw a small week-over-week decline and continues to be significantly lower (21%) compared to this week last year.
Today’s national average is 19 cents more expensive than a month ago, but remains significantly cheaper – 53 cents – than a year ago.
At the end of Friday’s formal trading session, West Texas Intermediate increased by 91 cents to settle at $39.75 per barrel. Domestic crude prices increased at the end of last week amid increased market optimism regarding trade relations between the U.S. and China and greater focus on compliance with the production reduction agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, which has worked to cut global crude production by 9.7 million b/d since May 1, 2020. It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July.
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.