AAA: Small dip at the pump in Ohio as fall driving season sets in


Submitted article



The average price of gasoline across South Central Ohio is two cents lower this week at $2.044 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.044

Average price during the week of September 14, 2020 $2.066

Average price during the week of September 23, 2019 $2.709

The average price of unleaded self-serve gasoline in various areas:

$2.259 Athens

$1.915 Chillicothe

$2.073 Columbiana

$2.264 East Liverpool

$2.093 Gallipolis

$1.939 Hillsboro

$1.981 Ironton

$1.993 Jackson

$1.927 Logan

$2.288 Marietta

$1.981 Portsmouth

$1.940 Steubenville

$2.010 Washington Court House

$1.953 Waverly

Trend Analysis:

The latest Energy Information Administration (EIA) report measures demand at 8.48 million b/d, which is a slight uptick from the previous week’s 8.39 million. However, the small increase — likely due to holiday road trips — is still 461,000 b/d lower than last year at this time. Low demand, even as total domestic stocks of gasoline declined to 231.5 million barrels, has helped keep pump prices low.

Today’s national gas price average is $2.18, which is one cent less than last week, the same price as a month ago, but 48 cents cheaper than mid-September last year. On the week, all states saw gas prices decrease or remain stable at the pump. Most state averages have pushed cheaper by a penny or two since last Monday. With the nation entering the fall driving season, which typically sees fewer road trips, a continued drop in demand will likely lead to pump prices continuing to decrease.

Additionally, the National Hurricane Center is currently tracking Tropical Storm Beta, which is expected to produce severe flooding and heavy rain in coastal Texas and Louisiana later today. The expected damage to infrastructure will likely hinder ongoing recovery efforts in the region due to other recent storms and hurricanes, which have shuttered total U.S. crude refining capacity by 8.7%. Any crude or pump price impacts will likely be contained to the region and not have a national impact.

At the close of Friday’s formal trading session, West Texas Intermediate increased by 14 cents to settle at $41.11. Domestic crude prices increased last week after the EIA’s weekly report revealed that total domestic crude inventories decreased by 4.4 million barrels to 496 million. Decreasing stocks could signal that supply and demand are rebalancing, even while production grew by 900,000 b/d last week to 10.9 million b/d. For this week, crude prices could increase again if the EIA’s next weekly report shows another decrease in total inventories.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 76 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.

Submitted article