The average price of gasoline across South Central Ohio is 12 cents cheaper this week at $2.328 per gallon, according to AAA East Central’s Gas Price Report.
North Dakota ($2.34) and Minnesota ($2.32) were the only states in the Great Lakes and Central region to not see gas prices decrease this week. While most states in the region are paying just a few pennies less a gallon to fill-up, Ohio (-15 cents), Michigan (-11 cents) and Indiana (-10 cents) saw double-digit decreases and rank as the top three largest weekly changes in the country.
As prices dipped at the pump, regional gasoline inventory held relatively steady at 59 million barrels. This healthy level amid robust refinery utilization (90%), as reported by the Energy Information Administration (EIA), should help to keep gas prices stable in the week ahead.
This week’s average prices: South Central Ohio Average: $2.328
Average price during the week of Feb. 24, 2020, $2.446
Average price during the week of March 4, 2019, $2.360
The average price of unleaded self-serve gasoline in various areas:
$2.360 East Liverpool
$2.348 Washington Courthouse
On the National Front
At $2.43, the national gas price average has pushed cheaper over the last 30 days. Healthy inventory and cheaper crude prices have alleviated pump price pains. However, with maintenance season looming and the upcoming switchover to summer blend, the downward trend could break in the coming weeks. Additionally, the impact of coronavirus on-demand and crude oil could affect prices.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased by $2.33 to settle at $44.76. Crude prices have not been this low since December 2018. The significant decrease in crude prices has been led by the growing impact of the coronavirus on the global market, which continues to worry that the impact of the virus will lead to a reduction in global economic growth. Until it appears that the international public health threat from the virus decreases and China’s industrial sector recovers, crude prices could continue facing downward pressure.
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