The average price of gasoline across South Central Ohio is six cents cheaper this week at $2.126 per gallon, according to AAA East Central’s Gas Price Report.
Motorists in the Great Lakes and Central region are seeing gas price fluctuation on the week. With six-cent decreases, Indiana ($2.16), Michigan ($2.19), and Ohio ($2.12) top the list for this week’s largest changes in the country. Also landing on the list of biggest changes: Kentucky (-4 cents), South Dakota (+3 cents) and Wisconsin (-3 cents).
Gasoline inventory built for the first time since mid-June, which is likely a contributing factor towards the cheaper gas prices for most of the region. With a 700,000-barrel add, total levels sit at 51.2 million barrels, which is about average for this time of year.
This week’s average prices: South Central Ohio Average: $2.126
Average price during the week of July 13, 2020, $2.183
Average price during the week of July 22, 2019, $2.713
The average price of unleaded self-serve gasoline in various areas:
$2.207 East Liverpool
$2.180 Washington Court House
On the National Front
The national gas price average held steady on the week at $2.19 as one-third of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.
At 8.6 million b/d, the EIA measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.
At the end of Friday’s formal trading session, West Texas Intermediate decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after the EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million barrels to 531.7 million barrels. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could help stabilize crude prices this week.