The average price of gasoline across South Central Ohio is four cents cheaper this week at $2.340 per gallon, according to AAA East Central’s Gas Price Report.
Statewide, Ohio’s average price for gasoline is $2.31 – seven cents cheaper than this time last week. Regional gas price averages are cheaper on the week and the month, but as much as 23 cents more expensive year-over-year.
Regional gasoline stocks built by 700,000 barrels, pushing total stocks to 58.6 million barrels, per Energy Information Administration (EIA) data. Regional stock levels have not been this healthy since March 2019. Stocks are expected to increase this month and push gas prices even cheaper, with the potential for more states in the region selling gas under the $2/gallon mark.
This week’s average prices:
South Central Ohio Average: $2.340
Average price during the week of February 3, 2020 $2.381
Average price during the week of February 11, 2019 $2.214
The average in Portsmouth was $2.250 while Ironton is $2.138.
Looking nationwide, fueling prices are up.
Gas prices may be 16 cents more expensive than last year, but that price gap has been shrinking steadily. It’s the smallest year-over-year difference seen in two months, largely due to decreasing oil prices. At $50/bbl (West Texas Intermediate), crude oil prices are at their cheapest point in a year. That, combined with steady gasoline stock levels and low demand have helped to push the national average lower – a dime cheaper than three weeks ago, at $2.43.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.
Declining crude prices were contained slightly toward the end of last week after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) is considering deeper production cuts to offset demand concerns. OPEC and its partners are scheduled to meet in Vienna, Austria to review their existing 1.7 million b/d production reduction agreement, but the cartel said that it may consider having the meeting sooner as the global public health crisis grows.
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