The average price of gasoline across South Central Ohio is 22 cents lower this week at $3.804 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.804; Washington Court House Average: $3.721
Average price during the week of Aug. 1, 2022 $4.022
Average price during the week of Aug. 9, 2021 $3.082
The average price of unleaded self-serve gasoline in various areas:
$3.716 East Liverpool
Despite steadily falling gas prices during the peak of the summer driving season, fewer motorists fueled up last week. It is another sign that, for now, Americans are changing their driving habits to cope with higher pump prices. Meanwhile, the cost of oil has edged lower on fears of economic slowdowns elsewhere around the globe. Because of these factors, the national average for a gallon of gas fell to $4.05. Today’s national average is 67 cents less than a month ago and 87 cents more than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.25 million barrels per day to 8.54 million barrels per day last week. The rate is 1.24 million barrels per day lower than last year and is in line with demand at the end of July 2020, when COVID-19 restrictions were in place and fewer motorists hit the road. Moreover, according to EIA, the total domestic gasoline supply rose slightly by 200,000 barrels to 225.3 million barrels.
At the close of Friday’s formal trading session, West Texas Intermediate increased by 47 cents to settle at $89.01. Although crude prices made slight gains on Friday due to a strong U.S. jobs report for July, prices saw significant declines throughout the week because of market concerns about lower demand and the economy. Prices have not been this low since mid-February 2022—before Russia invaded Ukraine. Additionally, EIA reported that total domestic crude supply increased by 4.5 million barrels to 426.6 million barrels. The sharp inventory increase, during the usually high-demand summer driving season, signals low demand could continue pushing prices lower.
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.