AAA: Gas prices drop in Ohio; demand continues downward

Staff report

The average price of gasoline across South Central Ohio is eight cents lower this week at $1.989 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $1.989

Average price during the week of December 7, 2020 $2.064

Average price during the week of December 16, 2019 $2.558

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

$2.074 Athens

$1.945 Chillicothe

$1.925 Columbiana

$2.043 East Liverpool

$1.980 Gallipolis

$1.974 Hillsboro

$1.981 Ironton

$1.966 Jackson

$1.977 Logan

$2.003 Marietta

$1.940 Portsmouth

$1.969 Steubenville

$2.008 Washington Court House

$2.054 Waverly

Since the beginning of November, U.S. gasoline demand has softened. The Energy Information Administration’s (EIA) data show demand measured at 8.7 million b/d for the week ending November 6. In its latest report, for the week ending December 4, demand measured at 7.6 million b/d. That is the lowest reading since the end of May, and marks four weeks of straight decline. Moreover, gasoline demand is down 14% year-over-year.

With softer gasoline demand, many states are seeing pump prices push cheaper, though at modest rates. Motorists are not seeing larger declines at the pump likely due to crude oil prices, which continue to trend around $46 per barrel (WTI).

Regardless, amid low gasoline demand, high gasoline inventory and a resurgence in coronavirus cases, gas prices are not likely to see large increases. On the week, the national gas price average held steady at $2.16. That is four cents less than last month and 40 cents cheaper than last year.

Staff report