The average price of gasoline across South Central Ohio is a eight cents higher this week at $2.111 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $2.111
Average price during the week of October 19, 2020 $2.032
Average price during the week of October 28, 2019 $2.518
The average price of unleaded self-serve gasoline in various areas:
$2.200 East Liverpool
$2.173 Washington Court House
Gasoline demand has dropped significantly since the beginning of the month, down from 8.8 million b/d to 8.2 million b/d, according to the latest Energy Information Administration (EIA) report. This latest demand measurement is the lowest since mid-June. While the drop isn’t out of the ordinary for this time of year, it is a staggering 14% less than last October. On the week, gasoline stocks increased to 227 million barrels, putting total supplies at a 4-million-barrel surplus compared to this time last year.
Today’s national average is $2.16, which is the same price as last week, 2 cents cheaper than last month and 44 cents less than last year. On the week, only five states saw gas prices increase: Ohio (+7 cents), Kentucky (+6 cents), Michigan (+5 cents), Indiana (+1 cent) and Illinois (+1 cent). Of the states with cheaper weekly prices, 20 averages are 2 to 5 cents less than last Monday.
It is a little more than a month until the end of the Atlantic hurricane season, which is proving to be one of the most active on record. A threat to the Gulf of Mexico – Tropical Storm Zeta – is forecasted to become a hurricane by Wednesday. The National Hurricane Center is warning the storm could bring storm surge, rainfall and high winds from central Louisiana to the western Florida Panhandle later this week. It’s most likely that Zeta, similar to other tropical storms and hurricanes from earlier this season, will not have an impact on gas prices nationally due to the high level of gasoline inventory in the United States.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by 79 cents to settle at $39.85. Domestic crude prices decreased in light of market concern about increasing coronavirus infections worldwide, which could lower crude demand. The decrease in price occurred despite EIA’s weekly report showing that total domestic crude inventories dropped by 1 million barrels to 488.1 million barrels. If demand concerns continue this week, crude prices could decrease further.
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.