Gas prices in South Central Ohio are four cents cheaper this week at $2.068 per gallon, according to AAA East Central’s Gas Price Report.
On the week, states in the Great Lakes and Central region saw prices drop a penny, hold steady or increase. Six states have more expensive gas price averages to start the work week, including Ohio (+1 cent).
With a 3-million-barrel build, regional gasoline stocks sit at 60 million barrels. This is a level not seen in 10 months, and is uncharacteristically high for this time of the year. With major winter weather pounding much of the region over the weekend and fewer motorists on the road, gasoline demand has the potential to drop, in turn increasing stocks in the next Energy Information Administration (EIA) report.
This week’s average prices: South Central Ohio Average: $2.068
Average price during the week of Jan. 14, 2019 $2.105
Average price during the week of Jan. 22, 2018 $2.399
The national gas price average held flat on the week at $2.25, just three cents away from the lowest U.S. average since December 2016. However, as crude oil prices continue to climb, it does not look like pump prices will drop much lower than we’ve seen so far this year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.73 to settle at $53.80. Oil prices saw their third consecutive week of increases after the market responded positively to news that the U.S. and China are making progress in resolving their trade dispute. Crude oil has increased by $5/barrel since the beginning of the year, but over-supply of crude in the market and low demand have helped to keep the national average relatively stable.
Oil will be a dominant factor towards determining if motorists will see slightly cheaper or more expensive pump prices in coming weeks.
On the week, state gas price averages fluctuated with a handful of southern and mid-western states seeing gas prices increase, though most states saw averages decrease or hold flat. Today’s national gas price average is nine cents cheaper than a month ago and 29 cents less expensive than a year ago.
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.