AAA: Gas prices on the rise again

The average price of gasoline across South Central Ohio is nine cents higher this week at $3.936 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $3.936

Average price during the week of April 25, 2022 $3.840

Average price during the week of May 3, 2021 $2.789

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

$4.096 Athens

$3.853 Chillicothe

$4.072 Columbiana

$4.051 East Liverpool

$3.999 Gallipolis

$3.858 Hillsboro

$3.995 Ironton

$3.890 Jackson

$3.830 Logan

$3.900 Marietta

$3.894 Portsmouth

$3.870 Steubenville

$3.899 Washington Court House

$3.891 Waverly

Pump prices rose again this past week due primarily to the continued high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine is the main factor influencing crude prices. The cost of a barrel of crude continues to hover around $100. With the oil price accounting for about 60% of pump prices, the national average for a gallon of regular is now $4.19, an increase of seven cents since Monday, April 25 and $1.29 more than a year ago. It now costs drivers in the U.S. about $23 more to fill up than a year ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 230.8 million barrels last week. Gasoline demand decreased slightly from 8.87 million barrels per day to 8.74 million barrels per day. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 67 cents to settle at $104.69. Although prices declined on the day due to crude demand concerns as COVID-19-related lockdowns continue in China, crude prices gained earlier in the week after EIA’s weekly report showed that total current supply level is approximately 16 percent lower than at the end of April 2021.

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