AAA: Gas prices down 10 cents in Ohio
The average price of gasoline across south central Ohio is 10 cents lower this week at $3.385 per gallon, according to AAA East Central’s gas price report.
This week’s average prices:
• South central Ohio average: $3.385;
• Average price during the week of May 1, 2023: $3.482;
• Average price during the week of May 9, 2022: $4.098.
The average price of unleaded self-serve gasoline in various areas:
$3.582 Athens
$3.284 Chillicothe
$3.284 Columbiana
$3.443 East Liverpool
$3.400 Gallipolis
$3.233 Hillsboro
$3.502 Ironton
$3.418 Jackson
$3.278 Logan
$3.529 Marietta
$3.412 Portsmouth
$3.438 Steubenville
$3.271 Washington Court House
$3.313 Waverly.
The price for oil has dropped nearly $20 per barrel recently to the upper $60s, which has resulted in gas prices trending lower. The national average for a gallon of regular gasoline has fallen eight cents since last week to hit $3.53. Monday’s national average is six cents less than a month ago and 78 cents lower than a year ago.
At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $3.06 to settle at $68.60. Oil prices decreased amid ongoing market concerns that rising interest rates will tip the economy into a recession.
Additionally, the Energy Information Administration (EIA) reported that total domestic commercial crude inventories decreased by 1.3 million barrels to 459.6 million barrels last week.
According to new data from the EIA, gas demand decreased significantly from 9.51 to 8.62 million barrels per day last week. The drop in demand is more in line with what market observers expected last week.
Meanwhile, total domestic gasoline stocks increased by 1.8 million barrels to 222.9 million barrels. Lower demand, alongside an increase in stocks, has contributed to pushing pump prices lower.
Motorists can find current gas prices nationwide, statewide and countywide at gasprices.aaa.com.