The average price of gasoline across South Central Ohio is 3 cents higher this week at $3.701 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.701; Washington Court House Average: $3.645
Average price during the week of August 15, 2022 — $3.676
Average price during the week of August 23, 2021 — $2.950
The national average for a gallon of gas fell a nickel this past week to $3.90. Stable global oil prices and modest domestic demand for gasoline are pushing prices lower. Motorists are now benefiting from gas prices that are $1.11 less than their peak in mid-June. Today’s national average is 74 cents more than a year ago.
According to data from the Energy Information Administration (EIA), gas demand rose slightly from 9.12 million barrels per day to 9.35 million barrels per day last week, which is nearly identical to this time last year. Total domestic gasoline stocks decreased by nearly 5 million barrels to 215.7 million barrels.
Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices.
At the close of Friday’s formal trading session, West Texas Intermediate increased by 27 cents to settle at $90.77.
Crude prices increased at the end of the week due to EIA reporting that total domestic crude supply decreased by 7 million barrels to 425 million barrels. Crude prices declined earlier in the week after U.S. housing data showed that homebuilding dropped to its lowest level in 1.5 years in July.
Lower housing demand also pushed oil demand expectations lower.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 71 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.