Gas prices have continued their fall, going down in price by 10 cents compared to last Monday’s national average of $3.95 per gallon, according to an American Automobile Association (AAA) news release.
The AAA said this continued drop in price is primarily because of stable oil prices and fewer drivers on the road than usual getting gas.
“Falling pump prices may eventually lead to more drivers hitting the road again,” Andrew Gross, AAA spokesperson, said. “But that hasn’t happened yet. Instead, many drivers are waiting for prices to fall further before reverting to their typical driving habits.”
The release said new information from the Energy Information Administration (EIA) said gas demand rose from 8.54 million barrels per day (b/d) to 9.12 b/d while the total domestic gasoline stock fell by five million barrels (bbl) to 220.3 million bbl. It also said that even though demand has risen and supply “tightened,” the lowering of oil prices has helped gas prices continue to fall.
“At the close of Friday’s formal trading session, West Texas Intermediate prices decreased by $2.25 to settle at $92.09,” the AAA news release said. “Although crude prices declined at the end of the week due to concerns that an economic slowdown could cause crude demand to stagnate or decline, prices rose earlier in the week after the U.S. Bureau of Labor Statistics reported a smaller than expected increase in inflation last month at 8.5 percent.
”The rise in market optimism helped to boost prices despite EIA reporting that total domestic crude supply increased by 5.4 million bbl. For this week, oil prices could continue to decline if demand concerns persist.”
AAA said Ohio had the 37th highest gas price of all of the states in the country plus Washington, D.C. The site said Ohio’s average price per gallon was $3.653 as of Tuesday. That is a decrease from one week ago when the price per gallon was $3.709, according to AAA. One month ago, the average price was $4.417.
The lowest area gas prices, according to GasBuddy on Tuesday, were:
* Chillicothe — The lowest price was $3.51 at Murphy USA.
* Greenfield — The lowest price was $3.59 at Marathon.
* Hillsboro — The lowest price was $3.40 at multiple places.
* Mount Orab — The lowest price was $3.92 at Marathon.
* Wilmington — The lowest price was $3.47 at multiple places.
Reach Jacob Clary at 937-402-2570.