The final week of January is seeing a dip in gas prices.
The local area is seeing a small drop in the overall price of unleaded gasoline as the first month of the 20’s comes to an end. The average price in South Central Ohio has seen a drop, but it varies from city to city. The average in the River Valley area is currently $2.481
In the Great Lakes and Central regions, the high drop in price that we were experiencing has slowed. Ohio’s average saw not even a penny change. A wider lens sees the region build stocks by 1.7 million barrels according to the Energy Information Administration (EIA).
This raised totals to 58.2 million barrels. Since mid-November, stocks have seen a steady but slow rise. Thanks to the consistent incline, levels are at their highest since February 2019. Although variation and fluctuation is a factor, prices are expected to lower through the end of the month according to AAA.
The average price of unleaded self-serve gasoline in various areas:
The national average is sitting three cents higher than our region. Currently, it resides at $2.51, also three cents cheaper than last week’s national average.
These prices are higher than the final week of January 2019. The regional numbers see a difference of 35 cents and the national average is higher by 25 cents.
Crude prices dropped last week, market concerns increased due to the fear of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption.
If market concerns regarding the virus continue to grow, crude prices could drop further. Regional and national average will continue to vary from the impact and trade of the crude sales.