Pump prices significantly lower than a month ago

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The average price of gasoline across South Central Ohio is 22 cents lower this week at $4.022 per gallon, according to AAA East Central’s Gas Price Report. Today’s regional average is 70 cents lower than a month ago.

This week’s average prices: South Central Ohio Average: $4.022; Washington Court House Average: $3.917

Average price during the week of July 25, 2022 $4.249

Average price during the week of August 1, 2021 $3.039

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

$4.374 Athens

$3.805 Chillicothe

$3.789 Columbiana

$3.858 East Liverpool

$4.035 Gallipolis

$3.863 Hillsboro

$4.491 Ironton

$4.085 Jackson

$4.057 Logan

$4.620 Marietta

$3.922 Portsmouth

$3.701 Steubenville

$3.792 Waverly

Trend Analysis:

The national average for a gallon of gas has fallen 14 cents over the past week to $4.21. Today’s average is 63 cents less than a month ago and $1.04 more than a year ago. Additionally, gasoline is now below $4 a gallon at nearly half of the gas stations around the country.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.52 million barrels per day to 9.25 million barrels per day last week. The estimated rate is 80,000 barrels per day lower than last year, but it could slow pump price decreases if the trend holds. Additionally, total domestic gasoline stocks decreased by 3.3 million barrels to 225.1 million barrels, signaling that higher demand reduced inventory last week.

New survey data from AAA finds that drivers are making significant changes to cope with high pump prices. Almost two-thirds (64%) of U.S. adults changed their driving habits or lifestyle since March, with 23% making “major changes.” Drivers’ top three changes to offset high gas prices are driving less, combining errands, and reducing shopping or dining out.

At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.20 to settle at $98.62. Crude prices increased last week as market concerns eased about weakening demand this summer and the EIA reported that total domestic crude stocks decreased by 4.5 million barrels to 422.1 million barrels 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 71 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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