AAA: Gas prices tumble in Ohio as crude prices drop substantially


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The average price of gasoline across South Central Ohio is eight cents lower this week at $2.950 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.950

Average price during the week of August 16, 2021 $3.034

Average price during the week of August 24, 2020 $2.092

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

$3.079 Athens

$2.871 Chillicothe

$2.778 Columbiana

$3.009 East Liverpool

$3.009 Gallipolis

$2.802 Hillsboro

$3.094 Ironton

$2.896 Jackson

$2.934 Logan

$3.003 Marietta

$3.006 Portsmouth

$2.890 Steubenville

$2.833 Washington Court House

$3.095 Waverly

Trend Analysis:

Crude oil prices saw a significant decline of $5 per barrel on the week, down to $62.32 per barrel at Friday’s close. Prices are declining as market concerns grow that crude demand will decline as coronavirus infections increase across the globe. The downward crude price trend could spell good news for motorists.

Crude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months. If this downward trend continues and less expensive prices are sustained, Americans can expect to see relief at the pump in the near future.

At $3.16, today’s national average is two cents cheaper than last week, but 98 cents more than a year ago and 56 cents more than two years ago. All eyes are now on gasoline demand, which has declined for three straight weeks. The Energy Information Administration’s (EIA) latest reading puts demand at 9.3 million barrels per day. That is a healthy pandemic demand reading, but still about 6% below the same week in August 2019. The softer demand readings have pushed gasoline stock levels over 228 million barrels.

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

AAA East Central is a not-for-profit association with 72 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.

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