Average gas prices in south central Ohio remain at $2.732 per gallon this week, according to AAA East Central’s Gas Price Report, and prices in Portsmouth are reported as among the lowest.
Comparing pump prices to those this time last year, Ohio motorists are paying 47 cents more per gallon to fill up. With a 430,000 barrel draw, inventories in the Great Lakes and Central region fell this week to 56.6 million, according to the latest Energy Information Administration (EIA) data.
The average price per gallon in south central Ohio reported Monday is $2.732, compared to $2.728 last week. A year ago, the average price per gallon was $2.281.
In south central Ohio, the highest price per gallon of unleaded self-serve gasoline was reported in Washington Court House at $2.846, Athens at $2.829, Waverly at $2.812, and Logan and Steubenville, each at $2.803. The lowest price per gallon reported was in East Liverpool at $2.616 and Portsmouth at $2.623.
On the national front, Monday’s gas price average of $2.81 reached the highest price per gallon since November 2014. That year, pump prices averaged $3.34, peaking at $3.70 in April and bottoming out at $2.25 in December. On the week, gasoline demand took a notable drop from its record high the previous week, falling by 774,000 barrels per day, according to the EIA. At 9.083 million barrels per day, gasoline demand is now more in line with rates typically seen during the spring driving season.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 9 cents to settle at $68.10. Following EIA’s report that revealed crude inventories moved higher by 2.2 million barrels, oil prices were mostly stable last week, but remained near the three-year highs they reached earlier this month.
Total U.S. crude oil output increased to 10.586 million barrels per day. The big news in U.S. crude production this week is in exports, which surged to 2.331 million barrels per day last week – the highest weekly estimate ever on record from the EIA. The new record high bested the last record, which was set in mid-February of this year.
Crude production in the U.S. is likely to continue its ascent. It has grown considerably alongside the total number of active rigs. According to Baker Hughes, the number of rigs increased by five last week, bringing the total to 825. There are 128 more rigs this year than this time last year.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.