AAA: Pump prices drop in Ohio

Staff report

The average price of gasoline across South Central Ohio is a six cents lower this week at $2.079 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.079

Average price during the week of October 5, 2020, $2.132

Average price during the week of October 14, 2019, $2.615

The average price of unleaded self-serve gasoline in various areas:

$2.167 Athens

$2.012 Chillicothe

$2.221 Columbiana

$2.224 East Liverpool

$2.158 Gallipolis

$1.866 Hillsboro

$2.084 Ironton

$1.998 Jackson

$2.054 Logan

$2.232 Marietta

$2.099 Portsmouth

$1.954 Steubenville

$2.075 Washington Court House

$1.968 Waverly

Trend Analysis:

On the week, the national gas price average held steady at $2.18, which is a penny less than last month and 45 cents cheaper than last year.

The majority of American motorists are seeing stability at the pump this week, despite the fact that Hurricane Delta made landfall in Louisiana as a category 2 hurricane over the weekend. While gasoline refineries are reporting operations have resumed, the Bureau of Safety and Environmental Enforcement reports that approximately 91% of oil production in the Gulf of Mexico is currently offline. As of Monday morning, inspections are underway, and production is expected to resume this week.

In a typical year, a hurricane season like the one experienced this year would have caused gas prices to spike. But, 2020 is not a typical year. Low U.S. gasoline demand and large supply has helped contain any impact to local gas prices. The Energy Information Administration’s (EIA) weekly report measures current gasoline supply at 226.7 million barrels. That is a decrease of 1.7 million barrels from the week prior, though the drop is likely attributed to high export numbers.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 59 cents to settle at $40.60. Crude prices dropped due to market concern about increasing coronavirus infections worldwide, which could lower crude demand. For this week, crude prices could decline further if demand concerns continue to worry the market.

Staff report