Gas prices in South Central Ohio are 11 cents less expensive this week at $1.954 per gallon, according to AAA East Central’s Gas Price Report.
During the past 10 days, gas prices have dropped by at least a dime in four Great Lakes and Central states (Ohio, -14 cents). The Buckeye state’s average is now $1.93 – one of the lowest in the country.
As gas prices decline, gasoline inventories in the Midwest region jumped for the fifth straight week, according to the Energy Information Administration (EIA). Total stocks for the week ending on Dec. 21 total 53 million barrels, the highest level of stocks for the region since early September.
This week’s average prices: South Central Ohio Average: $1.954
Average price during the week of Dec. 27, 2018 $2.061
Average price during the week of Jan. 2, 2018 $2.504
At $2.25, the national gas average is the cheapest it’s been at the beginning of the New Year in the past three years. Moreover, gasoline is below $2/gallon in nine states. 29 state gas price averages are at or below the national average of $2.25 with Missouri touting the cheapest at $1.83. Hawaii ($3.34) carries the most expensive average.
The end of 2018 drove West Texas Intermediate crude oil prices to as low as $44/bbl, which is a steep $31 drop from the high of $77/bbl seen during June. Oil prices mostly fell last week, as market observers continue to believe that the global crude market is over-supplied.
With OPEC production cuts slated to take effect this week, analysts will closely be watching the price of oil. Significant movement toward higher market prices would mean cheaper gas prices could be in the rearview mirror. However, AAA expects to see minimal volatility at the start of the cartel’s production cuts.
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.