Area gas prices see slight uptick


News Journal



Gas prices in South Central Ohio are up by over three cents this week to $2.732 per gallon, according to AAA East Central’s Gas Price Report.

Motorists in the Great Lakes and Central states are seeing pump prices mostly remaining steady on the week.

Gasoline inventories built slightly on the week to register at 53.1 million barrels, which is the largest inventory level recorded for this time of year since 2008. With demand expected to continue declining, and taking into account high inventory levels, motorists in the region can expect prices to steadily decline this fall.

This week’s average prices: South Central Ohio Average: $2.732

Average price during the week of September 4, 2018 $2.699

Average price during the week of September 11, 2017 $2.516

Nationally

On the week, the national gas price average rose a penny to land at $2.85. Prices remain relatively stable across the country as gasoline demand dipped slightly and gasoline inventories incrementally built according to the latest Energy Information Administration (EIA) reports.

With the switchover to winter-blend gasoline fast approaching (September 15), gas prices are expected to decline this month. The threat of Hurricane Florence will likely have an impact on East Coast gas prices this week should the storm follow its projected path.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped two cents to settle at $67.75. The drop in the price of crude oil can be attributed to several factors including increasing U.S. gasoline inventories.

According to EIA’s report, total motor gasoline inventories increased by 1.8 million barrels last week and are about 7 percent above the five-year average for this time of year. At the same time crude oil stocks dropped 4.3 million barrels from the previous week as refinery utilization rates reached 96.6 percent.

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