AAA: Gas prices up 22 cents in south central Ohio

The average price of gasoline across south central Ohio is 22 cents higher this week at $3.603 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices:

• South Central Ohio average: $3.603;

• Average price during the week of May 8, 2023: $3.385;

• Average price during the week of May 16, 2022: $4.283.

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

$3.635 Athens
$3.635 Chillicothe
$3.572 Columbiana
$3.586 East Liverpool
$3.418 Gallipolis
$3.602 Hillsboro
$3.599 Ironton
$3.663 Jackson
$3.674 Logan
$3.595 Marietta
$3.505 Portsmouth
$3.646 Steubenville
$3.643 Washington Court House
$3.671 Waverly.

The national average for a gallon of gas remained steady over this past week at $3.53. Even though demand for gasoline is higher, the lower cost of crude oil is limiting gas price increases. The national average is 13 cents less than a month ago and 97 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand grew substantially from 8.62 to 9.30 million barrels per day last week.

Meanwhile, total domestic gasoline stocks decreased by 3.2 million barrels to 219.7 million barrels. Higher demand and a reduction in stocks have slowed pump price decreases.

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.15 to settle at $72.56. Oil prices declined amid ongoing market uncertainty regarding stalled U.S. debt ceiling negotiations.

Additionally, the EIA reported that total domestic commercial crude inventories increased by 3 million barrels to 462.6 million barrels last week.

Motorists can find current gas prices nationwide, statewide and countywide at gasprices.aaa.com.