The average price of gasoline across South Central Ohio is three cents higher this week at $2.558 per gallon, according to AAA East Central’s Gas Price Report.
Aside from Ohio (statewide, +8 cents), gas price averages are cheaper on the week across the Great Lakes and Central States. Michigan had the largest decline with a nine-cent drop. Gas prices edged lower as the region saw a 1.4-million-barrel build in gasoline stocks. According to Energy Information Administration (EIA) data, this continues a mostly upward trend in inventory since the beginning of November.
Year-over-year, gas prices in the region are more expensive, ranging from nearly a dime to 50 cents more than mid-December 2018. However, compared to last month, most drivers in the region are paying as much as a dime less to fill-up. At the start of the work week, gas prices in the region range from $2.20 in Missouri to $2.63 in Illinois.
This week’s average prices: South Central Ohio Average: $2.558
Average price during the week of Dec. 9, 2019 $2.521
Average price during the week of Dec. 17, 2018 $2.101
December is bringing cheaper gas prices to pumps across the country. Today’s average is $2.55, which is nearly a nickel cheaper than the beginning of the month.
Decreasing gasoline demand and increasing stocks are driving the change in pump prices. The latest EIA reports show gasoline demand at its lowest rate since mid-February and the highest stock levels since this summer.
Today’s national average is two cents cheaper than last week, a nickel cheaper than last month, but 18 cents more expensive than this time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 89 cents to settle at $60.07. Crude prices jumped up after the U.S. and China announced that the world’s two largest crude consuming countries have reached a tentative “Phase One” trade agreement that reduces some U.S. tariffs in exchange for increased Chinese purchases of American farm goods.
Since the start of the trade war between the two countries, crude prices have suffered because of reduced crude demand. If trade tensions continue to decrease, crude prices could increase again this week due to reduced market concerns that crude demand will decrease next year.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 78 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.