The average price of gasoline across South Central Ohio is three cents cheaper this week at $2.567 per gallon, according to AAA East Central’s Gas Price Report.
On the week, most states in the Great Lakes and Central region saw gas prices drop or remain the same. Michigan (+6 cents), Ohio (+2 cents) Illinois (+3 cents), and Kentucky (+1 cent) were the only outliers.
Across the nation, the region was just one of only two that had an increase in gasoline stocks. According to the latest Energy Information Administration (EIA) data, stocks built by nearly 1 million barrels to a total of 51 million, while regional refinery utilization held steady at 92%. The region is likely to see gas prices remain mostly stable or trend cheaper, except for the typical volatility seen in some states.
This week’s average prices: South Central Ohio Average: $2.567
Average price during the week of September 30, 2019 $2.595
Average price during the week of October 8, 2018 $2.849
The national gas price average continues to hold steady on the week at $2.65, which is nine cents more expensive than last month, and 26 cents cheaper than a year ago.
Most motorists around the country are seeing prices decline or stabilize, with states seeing gas prices decrease by as much as a nickel since last Monday. But significant price jumps in California (+16 cents on the week) have pushed the regional average higher.
While every region is seeing planned and unplanned refinery maintenance, only the West Coast is seeing gasoline stocks tighten and gas prices skyrocket.
Today, 51% of all gas stations in the country are selling regular unleaded for $2.50 or less, while 77% are selling for $2.75 or less.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 36 cents to settle at $52.81. Crude prices ended lower last week after continued trade tensions between the U.S. and China worried market observers. Those fears grew after the World Trade Organization ruled that the U.S. could impose tariffs on goods from the European Union.
Increased tariffs could reduce global crude demand, helping to push prices down even further while crude supplies continue to increase. Moving into this week, further trade tensions could reduce crude prices amid worries that global crude demand will decline.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 79 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.