Gas prices in South Central Ohio increased by four cents over the week to an average of $2.816 per gallon, according to AAA East Central’s Gas Price Report.
Most states in the Great Lakes and Central region are seeing cheaper gas prices on the week – however, four states saw prices increase. Inventory levels continue to hold slightly above the 52 million barrel mark. According to the latest data released by the Energy Information Administration (EIA), this is the lowest inventory levels of the year for the region and about 2.6 million below levels at this point last year.
Despite the price increase experienced by South Central Ohio, Portsmouth emerged with some of the cheapest prices reported.
Monday’s average price per gallon of unleaded gasoline for South Central Ohio was $2.816. The average price last week was $2.775. The average price for the week a year ago was $2.274.
Around South Central and Southeastern Ohio, the lowest price per gallon was reported as $2.711 in Logan and $2.721 in Portsmouth, while the highest reported prices were $2.923 in Washington Court House and $2.871 in Jackson.
On the National Front
At $2.92, the national gas price average has dropped four cents since the beginning of June. Monday’s average was three cents less than a week ago, six cents more than a month ago and 58 cents more expensive than a year ago. On the week, only eight states saw prices increase, while all others dropped by as much as 13 cents or remained stable.
Dropping by 713,000 b/d, the EIA reports that demand registers (for the first time since mid-January) just under 9 million b/d. This is surprising, as levels have consistently measured above the 9 million mark every week in June since 2015.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 21 cents to settle at $65.74. Oil prices trended marginally lower last week following EIA’s report that crude production hit 10.8 million b/d last week. The estimate sets another weekly domestic record, which has been a reoccurring phenomenon in 2018. When compared to last year at this point, the U.S. is producing roughly 1.5 million b/d more this year.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.