Gas prices in South Central Ohio dropped a dime this week to $2.101 per gallon, according to AAA East Central’s Gas Price Report.
Pump prices are cheaper on the week for all Great Lakes and Central states. This week’s declines wiped out any increases from the previous week in Ohio (-12 cents) landing it at the top of the list of the states with the largest weekly decreases in the country.
Regional refinery utilization jumped from 94 to 98 percent and along with it added 350,000 oil barrels, according to the latest Energy Information Administration (EIA) reports. Total gasoline stocks in the region register at 49.8 million barrels– a healthy mark for this time of year and a 2.5 million barrel year-over-year surplus.
This week’s average prices: South Central Ohio Average: $2.101
Average price during the week of Dec. 10, 2018 $2.199
Average price during the week of Dec. 18, 2017 $2.311
Nationally
At $2.37, the national gas price average continues to drive toward the cheapest pump prices seen during the month of December since 2016, which is welcome news for the millions of Americans expected to begin holiday travel later this week.
The national average is a nickel less than last week, 26-cents less than last month and six-cents less than a year ago. With gasoline production on the high side – 10 million barrels per day – amid low demand, motorists can expect gas prices to continue declining through year-end.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased $1.38 to settle at $51.20. Oil prices mostly fell last week as market observers continue to worry that the global crude market is oversupplied.
Crude inventories around the country slid another 1.2 million barrels, according to new data released by EIA. With domestic inventories now falling and Organization of the Petroleum Exporting Countries’ (OPEC’s) production reduction agreement set to take effect in early 2019, crude prices could increase early next year.
If they do, motorists will likely see pump prices increase.
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.
