The average price of gasoline across South Central Ohio is 16 cents lower this week at $4.467 per gallon, according to AAA East Central’s Gas Price Report.
Average price during the week of July 11, 2022 $4.621
Average price during the week of July 19, 2021 $3.126
The national average for a gallon of gas has fallen 15 cents over the last week to $4.52. Today’s national average is 46 cents less than a month ago and $1.36 more than a year ago. The recent price decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil.
The cost of a barrel of oil is around $100, down from $110 two weeks ago.
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million barrels per day to 8.06 million barrels per day last week, while total domestic gas stocks increased by 5.8 million barrels. The decrease in demand and declining oil prices have helped push pump prices down.
Crude prices increased slightly at the end of the week due to the market expecting crude supply to remain tight throughout summer. Tightening of supply is being driven by the potential for slower economic growth due to rising interest rates and inflation.
Declining crude demand, due to reduced economic activity, could lead prices to follow suit.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.