The average price of gasoline across South Central Ohio is 11 cents higher this week at $3.116 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.116
Average price during the week of September 27, 2021 $3.009
Average price during the week of October 5, 2020 $2.132
The average price of unleaded self-serve gasoline in various areas:
$3.132 East Liverpool
$3.128 Washington Court House
Nationally, gas prices rose two cents to $3.20, a level not seen since October 2014. The probable causes for the increase are a slight uptick in demand and the high price of crude oil, which is stubbornly staying above $73 per barrel.
Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated. However, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased slightly by 200,000 barrels to 221.8 million barrels last week. Gasoline demand also rose from 8.90 million barrels per day to 9.4 million barrels per day, more than a 5% increase. However, according to the EIA, oil and natural gas production was lower than pre-pandemic levels during the same quarter in 2019. This tightened supply is helping keep crude prices above $73 per barrel and preventing pump prices from taking their usual seasonal drop.
Today’s national average of $3.20 is two cents more than a month ago and is $1.02 more than a year ago.
At the close of Friday’s formal trading session, West Texas Intermediate increased by 85 cents to settle at $75.88. Crude prices increased on the week due to a stronger dollar and despite EIA’s recent report showing that total domestic crude inventories increased by 4.5 million barrels to 418.5 million barrels. For this week, prices could decline if OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, moves forward with an agreement to produce an additional 400,000 barrels per day in November.
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.