The average price of gasoline across South Central Ohio is six cents more expensive this week at $2.743 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are fluctuating across the Great Lakes and Central states. Overall, most states saw moderate changes at a nickel or less, while other states saw larger increases (Ohio, +6 cents to $2.69). Motorists in the region can find gas prices as expensive as $3.01 in Illinois to as cheap as $2.58 in Missouri.
The mostly moderate changes at the pump come as a surprise, given the nearly 1.3 million-barrel drawdown in gasoline supplies and one percent drop in regional refinery utilization. At 50.5 million barrels, the Energy Information Administration (EIA) reports this to be the lowest level this year and at a 6-million-barrel deficit year-over-year.
This week’s average prices: South Central Ohio Average: $2.743
Average price during the week of April 22, 2019 $2.683
Average price during the week of April 30, 2018 $2.732
With a four-cent jump on the week, today’s national gas price average sets a new high for the year at $2.88. This average may only be seven cents more than a year ago, but it is nearly 20 cents more than a month ago and 63-cents more expensive than at the beginning of the year.
With 17 states within a dime of or already at $3/gal or more, the national average will likely surpass 2018’s high of $2.97 set during Memorial Day weekend.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate fell $1.91 to settle at $63.30. Crude prices dipped after Baker Hughes, Inc. revealed that the number of oil rigs in the U.S. fell by 20, landing at 805 last week. Crude prices increased earlier in the week following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran.
Decreases in Iranian oil exports could tighten the supply in the global market, which has already seen decreases because of the ongoing U.S. sanctions against Iran and Venezuela, and OPEC’s reduced production as a result of its agreement with its partners.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.