Modest dip at the pump for motorists


News Journal



Gas prices in South Central Ohio are down by a penny over the week to $2.809 per gallon, according to AAA East Central’s Gas Price Report.

Statewide, Ohio (+6 cents) is one of the states in the Great Lakes and Central region that lands on the list of the top 10 largest increases this week. Gasoline inventories saw a modest drop of nearly 540,000 barrels in the region. Total inventories remain above 53 million, according to the Energy Information Administration (EIA), which is where levels sat this time last year and are higher than in previous years.

Today’s average prices: South Central Ohio Average $2.809

Average price during the week of July 9, 2018 $2.821

Average price during the week of July 17, 2017 $2.184

Nationally

Since July 4, gas prices have increased three cents, putting today’s national average at $2.88. Since last Monday, the average is just a penny more expensive nationally while some states are seeing nearly a dime jump, including Delaware, Florida and Michigan. Today’s gas price average is just two-cents cheaper than last month, but 63-cents more expensive than at the same time last year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 68 cents to settle at $71.01. Concerns surrounding tightening U.S. supplies are slightly elevated following EIA’s news that total crude oil stocks recorded the largest decline (12.7 million barrels) since October 2016.

Oil prices may continue riding high and contribute to increased pump prices throughout the summer and possibly into the fall, especially if demand remains robust amid high export levels.

The U.S. oil rig count remains unchanged from the previous week, according to Baker Hughes, Inc., keeping the total number of rigs to 863. When compared to last year’s count at this time, there are 98 more rigs.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

AAA East Central is a not-for-profit association with 80 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.

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News Journal