Region’s gas prices plunge as national average nears 2018 low


News Journal



Gas prices in South Central Ohio are 12 cents less expensive this week at $2.291 per gallon, according to AAA East Central’s Gas Price Report.

On the week, gas prices are as much as 14 cents cheaper across Ohio. Most of the Great Lakes and Central states are carrying gas price averages cheaper than one year ago (Ohio, -15 cents). There are only 19 states in the country with less expensive year-over-year prices and 11 of those are in this region.

The week’s prior build in gasoline inventory in the region was cancelled out last week as stocks drew by nearly half a million, according to the Energy Information Administration’s (EIA) latest data.

Nonetheless, total stocks continue to register just above the 46-million-barrel mark, which is a 1.1 million surplus compared to last year.

Regional refinery utilization has increased to 91.4 percent indicating that stocks could build in the coming weeks, which could make prices even cheaper.

This week’s average prices: South Central Ohio Average: $2.291

Average price during the week of Nov. 19, 2018 $2.406

Average price during the week of Nov. 27, 2017 $2.399

Nationally

On the week, the national gas price average has dropped seven cents to land at $2.56.

As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018. The national average was lowest in January at $2.49, while May brought the most expensive price of $2.97.

Currently, 19 states have gas price averages less expensive than a year ago.

As U.S. gasoline demand remains low and supply plentiful, motorists may continue to save at the pump in December.

However, spikes in the price of crude oil could offset these savings. Market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on December 6 in Vienna, Austria.

At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply.

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.

News Journal