Gas prices in South Central Ohio are up by eight cents this week to $2.819 per gallon, according to AAA East Central’s Gas Price Report.
Among the Great Lakes and Central states, gas price averages are as expensive as $2.94 in Michigan, to as cheap as $2.57 in Missouri. Five states in the region land on this week’s top 10 list of states nationwide with the largest changes, including Ohio (+10 cents). Moreover, Ohio is the only state in the region to see more expensive prices than a month ago (+3 cents).
The region had the largest build in gasoline inventory of any in the country, adding 1.3 million barrels. According to data from the Energy Information Administration (EIA), inventories are at one of the highest levels of the year at 53.4 million barrels.
This week’s average prices: South Central Ohio Average: $2.819
Average price during the week of August 20, 2018 $2.735
Average price during the week of August 28, 2017 $2.308
Motorists across the country continue to see their local pump prices dropping.
On the week, state gas price averages declined as much as four cents while the national gas price average held steady at $2.84, which is two cents cheaper than a month ago, but 48 cents more than a year ago. With Labor Day approaching, motorists could see a small swing towards higher gas prices, but any jump is not expected to last past the holiday weekend.
Last year’s Labor Day weekend saw gas prices spike, but that was mostly due to Hurricane Harvey. As it battered the Southeast, it shut down refineries and pipelines driving gas prices toward their highest point of 2017 ($2.67). Despite no hurricane activity this Labor Day weekend, gas prices will be at their highest point for the holiday since 2014.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 89 cents to settle at $68.72. A weak dollar contributed to last week’s price gain.
Moreover, following the release of the EIA’s weekly report that showed total domestic crude inventories fell by 5.8 million barrels during the previous week, crude prices increased. If this week brings a continued decline in crude stocks, crude prices could surpass $70 per barrel.
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.