Southern Ohio Gas Prices Drop as Crude Prices Move Downward

 

 

 

 

 

 

Southern Ohio Gas Prices Drop as Crude Prices Move Downward
The average price of gasoline across South Central Ohio is 11 cents cheaper this week at $2.595 per gallon, according to AAA East Central’s Gas Price Report. 

Motorists in the Great Lakes and Central States saw some of the largest price drops this week, with Ohio (-15 cents) topping the top 10 list for largest weekly declines in the country. All states in the region saw prices decline by at least two cents since last Monday. Prices in the region now range from $2.36 – $2.72.

Gasoline stocks decreased to 50.9 million barrels, which is a 1.5 million barrel year-over-year deficit. The latest Energy Information Administration (EIA) data show that regional refinery utilization dropped 4% to 92% for the week ending Sept. 20. Decreasing inventory and refinery utilization has the potential to cause some fluctuation in gas prices in the week ahead.

This week’s average prices: South Central Ohio Average:                    $2.595
Average price during the week of September 23, 2019                          $2.709
Average price during the week of October 1, 2018                                 $2.789

The average price of unleaded self-serve gasoline in various areas:  

$2.845       Athens
$2.512       Chillicothe
$2.579       Columbiana
$2.660       East Liverpool
$2.599       Gallipolis
$2.588       Hillsboro
$2.414       Ironton
$2.624       Jackson
$2.640       Logan
$2.518       Marietta
$2.541       Portsmouth
$2.548       Steubenville
$2.679       Washington Court House
$2.581       Waverly

On the National Front
Two weeks after attacks on major Saudi Arabian oil facilities, most Americans are starting to see signs of gas prices trending cheaper. While the national average has only decreased by a penny on the week, 10 states saw pump prices decline by a nickel or more. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by 50 cents to settle at $55.91, which is close to where the price of crude was right before the attacks. With this, most Americans can expect gasoline to continue to trend downward, which is typical during fall. 

Oil prices were mostly mixed last week after the EIA’s weekly report revealed that total domestic crude inventories grew by 2.4 million barrels, bringing the total 419.5 million barrels. The current level is 23.5 million barrels higher than where it was this time last year. The higher level has kept prices in check amid concerns that global crude demand may be impacted by the ongoing trade war between the U.S. and China.

Today’s national gas price average of $2.65 which is the same price as last week, and is seven cents more expensive than last month, but 22-cents cheaper 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 79 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

-AAA-