South Central Ohio Gasoline Prices Spike as Regional Inventory Dwindles
The average price of gasoline across South Central Ohio is 11 cents more expensive this week at $2.723 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are trending mostly higher across the Great Lakes and Central states. Ohio (+9 cents) saw the largest increase in the region this week, and is carrying a gasoline average that is 32 cents more expensive than a month ago, which is one of the top 10 largest monthly differences in the country.
The latest Energy Information Administration (EIA) report shows stocks of gasoline have steadily declined since mid-February in the region. With the latest 1-million-barrel draw, levels have dropped to a new low for the year at 53.8 million barrels. Furthermore, the EIA reports regional refinery utilization for the week ending March 29 is down three percentage points from the week prior, which could affect supply in the weeks ahead.
This week’s average prices: South Central Ohio Average: $2.723
Average price during the week of April 1, 2019 $2.612
Average price during the week of April 9, 2018 $2.582
The average price of unleaded self-serve gasoline in various areas:
$2.727 East Liverpool
$2.736 Washington Court House
On the National Front
At $2.74, the national gas price average increased a nickel on the week and is eight cents more expensive than at this time last year. Compared to one month ago, the average is 28 cents more expensive. As demand holds steady and inventories continue to tighten, motorists continue to see gas prices increase in every region. Moreover, as overall refinery utilization stands at 86% compared to 93% last year, unexpected and planned maintenance continues to be one of the leading factors in why gas prices have continued to trend more expensive.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 98 cents to settle at $63.08. Oil prices climbed last week following strong U.S. economic data that reduced fears of a drop in global crude demand later this year. Additionally, escalating military actions in Libya – a major global crude producer and exporter – supported crude price increases amid concerns that crude exports from the country could be affected by the tension. Oil prices could climb even further this week as OPEC’s 1.2 million b/d production reduction agreement remains in place through June and the U.S. tightens its crude export sanctions against 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. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.
For More Information, Contact:
Jim Garrity, Public and Legislative Affairs Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com