The average price of gasoline across South Central Ohio is a penny cheaper this week at $2.118 per gallon, according to AAA East Central’s Gas Price Report.
Motorists in the Great Lakes and Central states are seeing savings at the pump on the week. With a decrease of as much as a nickel, these states land on the top 10 list for largest weekly decreases: Michigan (-5 cents), Indiana (-4 cents), and Wisconsin (-2 cents). At $2.36, Illinois carries the most expensive average in the region and Missouri ($1.90) has the least expensive.
After a one-week build, stocks declined by 600,000 barrels to push total levels back to 50 million barrels. Since late May, when many states started to re-open, regional stocks have declined by 5 million barrels, according to Energy Information Administration (EIA) data. Total measurement levels are reflective of the typical summer time in the region.
This week’s average prices: South Central Ohio Average: $2.118
Average price during the week of July 20, 2020 $2.236
Average price during the week of July 29, 2019 $2.754
The average price of unleaded self-serve gasoline in various areas:
$2.176 East Liverpool
$2.110 Washington Court House
On the National Front
As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest EIA demand reading measures at 8.5 million b/d, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.
Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.
At the end of Friday’s formal trading session, West Texas Intermediate increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million barrels. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.
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.