The average price of gasoline across South Central Ohio is nine cents cheaper this week at $2.495 per gallon, according to AAA East Central’s Gas Price Report.
State gas price averages in the region are as much as a dime cheaper on the week. In Ohio, the average price for gasoline is four cents cheaper statewide at $2.49. Motorists in the region are paying $2.16 – $2.61 to fill-up.
While motorists in the region are paying less compared to last week to fill-up, they are paying a lot more compared to this time last year. Gas prices are at least a quarter more expensive across the region, with Ohio (+54 cents) having the largest year-over-year difference.
Regional gasoline stocks built by 1.5 million barrels, according to the Energy Information Administration (EIA), bumping totals to 56.5 million barrels. Stocks have been steadily building since mid-November and are at the highest level for the region in ten months. Typical regional fluctuation aside, gas prices are poised to continue to edge cheaper through the end of the month.
This week’s average prices: South Central Ohio Average: $2.495
Average price during the week of January 13, 2020 $2.580
Average price during the week of January 21, 2019 $2.068
The national gas price average is $2.54, which is three cents cheaper than last week and a penny less than last month.
Gas prices edged down in the last week as gasoline stocks grew, measuring at 258 million barrels – a stock level not recorded by the EIA in nearly a year. This, combined with decreasing winter demand, is leading to cheaper prices at the pump.
Today, gas prices are $2.50 or less at 61% of gas stations in the country.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by two cents to settle at $58.54. Crude prices fell last week after new data showed that China’s economy, the world’s second largest, grew by 6.1% in 2019. It is the country’s slowest expansion in 29 years.
The slower-than-expected growth rate has increased market concerns that global crude demand may decline this year. If those concerns continue into this week, crude prices could decrease again.
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.