AAA: Pump prices slide lower across Ohio


Submitted article



The average price of gasoline across South Central Ohio is 22 cents lower this week at $4.249 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $4.249; Washington Court House Average: $4.156

Average price during the week of July 18, 2022 $4.467

Average price during the week of July 26, 2021 $3.088

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

$4.686 Athens

$3.948 Chillicothe

$4.035 Columbiana

$4.157 East Liverpool

$4.272 Gallipolis

$4.003 Hillsboro

$4.543 Ironton

$4.383 Jackson

$4.258 Logan

$4.726 Marietta

$4.244 Portsmouth

$3.913 Steubenville

$4.159 Waverly

Trend Analysis:

Modest demand for gas and lower oil prices resulted in pump prices falling again, down 17 cents since last week to $4.35. Today’s average is 63 cents less than a month ago and $1.20 more than a year ago. The steady decline is due to low domestic demand for gasoline and oil prices that remain in the mid-$90s per barrel. The price of gas has now fallen every day since hitting a record $5.01 on June 14.

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.06 million barrels per day to 8.52 million barrels per day last week. However, that rate is 800,000 barrels per day lower than last year and is in line with demand during July 2020, when COVID-19 restrictions curbed demand. Additionally, total domestic gasoline stocks increased by 3.5 million barrels to 228.4 million barrels, signaling that low demand led to growth in inventory last week.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.65 to settle at $94.70. Crude prices declined last week as the market continues to worry that weak demand, which is typically strong throughout the summer, could continue to push prices lower. A strengthening dollar also helped to push crude prices lower last week.

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.

Submitted article