Motorists see large hikes at the pump


News Journal



The average price of gasoline across South Central Ohio is nearly 13 cents more expensive this week at $2.486 per gallon this week, according to AAA East Central’s Gas Price Report.

Indiana (+14) and Ohio (+11 cents) saw the largest week-over-week gas price increases of all states in the Great Lakes and Central region and the country. Gasoline supplies decreased moderately in the region to 58.3 million barrels, according to the Energy Information Administration (EIA). In the same week, regional refinery utilization decreased by one percent. If stocks continue to fall, gas prices are likely to continue increasing especially with the switchover to summer-blend gasoline, which is more expensive to produce.

This week’s average prices: South Central Ohio Average: $2.486

Average price during the week of March 4, 2019 $2.360

Average price during the week of March 12, 2018 $2.427

Nationally

On the week, the national gas price average and that of 26 states jumped a nickel or more. The national average has been steadily increasing for the last three weeks, currently sitting at $2.47.

During that time, gasoline inventory has gradually decreased while demand has started to increase and crude oil prices have fluctuated. Combined, these factors are driving up gas prices across the country.

Today’s gas price average is a nickel more than last week, 20 cents more expensive than a month ago, but five cents less than last year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 59 cents to settle at $56.07. Oil prices fell at the end of last week following the release of lower-than-expected job growth data in the U.S. and continued concerns that a slowing global economy could bring weaker global crude demand later this year.

Moving into this week, crude prices may rise as the global crude supply tightens due to OPEC’s 1.2 million b/d production reduction agreement in place through at least June 2019 and U.S-imposed crude export sanctions on Iran and Venezuela.

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