AAA: Gas prices lower in Ohio as demand drops

Staff report

The average price of gasoline across South Central Ohio is a four cents lower this week at $2.032 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.032

Average price during the week of October 12, 2020, $2.079

Average price during the week of October 21, 2019, $2.616

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

  • $2.161 Athens
  • $1.963 Chillicothe
  • $1.984 Columbiana
  • $2.145 East Liverpool
  • $2.098 Gallipolis
  • $1.926 Hillsboro
  • $2.096 Ironton
  • $1.993 Jackson
  • $1.922 Logan
  • $2.199 Marietta
  • $2.026 Portsmouth
  • $1.946 Steubenville
  • $1.993 Washington Court House
  • $1.994 Waverly

Gasoline demand, according to the Energy Information Administration (EIA), lowered for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Even though total gasoline stocks and imports have also fallen, the lower demand contributed to pump price decreases for most of the country.

Today’s national average is $2.16, which is two cents less than a week and month ago and 49 cents cheaper than last year. On the week, a few Mid-West states saw much larger decreases: Indiana (-6 cents), Michigan (-6 cents), Ohio (-5 cents) and Kentucky (-5 cents), which could be attributed to an increase in regional stock. A penny gas price increase was seen in these states since last Monday: Utah ($2.40), New Jersey ($2.24), Alaska ($2.50), Georgia ($2.00), South Dakota ($2.10) and Hawaii ($3.24).

At the close of Friday’s formal trading session, West Texas Intermediate decreased by eight cents to settle at $40.88. Domestic crude prices decreased at the end of last week due to market concern regarding an increase in coronavirus infections worldwide. Prices lowered despite EIA’s new weekly report showing that total domestic crude inventories declined by 3.8 million barrels to 489.1 million. For this week, ongoing demand concerns could cause prices to decrease further.

Staff report