The average price of gasoline across South Central Ohio is four cents more expensive this week at $2.788 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are fluctuating across the Great Lakes and Central region states with Ohio (+6 cents) and Kentucky (-3 cents) seeing the biggest increase and decline on the week. Most states saw prices shift by just a penny, or hold steady.
Amid refinery issues, the Energy Information Administration (EIA) reports the region saw utilization drop from 91.8 to 85.9 percent. Despite this, stocks increased marginally by 200,000 barrels to total 50.7 million and the region saw only moderate fluctuation. If utilization falls further, motorists in the region can expect gas prices to increase, especially as the summer driving season approaches and stocks sit at a nearly 6-million-deficit compared to the same time last year.
This week’s average prices: South Central Ohio Average: $2.788
Average price during the week of April 29, 2019 $2.743
Average price during the week of May 7, 2018 $2.645
While gasoline demand remains robust, gasoline inventories built for the first time since early February, which contributed toward the national average only increasing by a penny. Today’s average is just eight cents cheaper than the highest pump price of 2018, which was set going into Memorial Day.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased slightly to settle at $61.94. Although prices inched up on Friday, crude saw losses last week after new concerns about U.S. oversupply emerged.
The EIA’s weekly petroleum report revealed that domestic crude inventories jumped significantly last week by 10 million barrels. They now sit at 470.6 million barrels, which is nearly 35 million more than the level last year at this time.
Crude inventories have not been this high since September 2017, according to the EIA’s data. An all-time record high domestic crude production last week contributed to the substantial growth in U.S. stocks, which likely also was a reason crude oil saw losses on the NYMEX 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 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.