AAA: Gas prices jump in Ohio ahead of the holidays


Staff report



The average price of gasoline across South Central Ohio is 10 cents higher this week at $2.087 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.087

Average price during the week of December 14, 2020 $1.989

Average price during the week of December 23, 2019 $2.566

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

$2.120 Athens

$2.144 Chillicothe

$2.037 Columbiana

$2.096 East Liverpool

$1.980 Gallipolis

$2.095 Hillsboro

$1.997 Ironton

$2.105 Jackson

$2.116 Logan

$1.992 Marietta

$2.110 Portsmouth

$2.135 Steubenville

$2.168 Washington Court House

$2.128 Waverly

Trend Analysis:

Pump prices across the country are rising as the end of 2020 approaches. Since Monday, the national gas price average has jumped six cents to $2.22. While not the most expensive price of the year, this is the highest national average since mid-September. Today’s national average is 11 cents more expensive than last month, but 33 cents cheaper than last year.

Two factors have largely contributed to driving up the price at the pump: rising crude oil prices and tightening supply. The domestic price of crude (WTI) has been steadily rising since November, with prices topping $49/barrel. Prices have not been this expensive since February, before stay-at-home guidance was introduced across the country.

Energy Information Administration data show U.S. gasoline supply levels sit at 238.7 million barrels, which is 1.6 million barrels more than a year ago. While a healthy supply, the year-over-year surplus has been much larger through the last nine months. While the combination of tightening supply and rising crude prices would typically drive prices up even higher, it is expected that the extremely low demand for gasoline should offset those major increases in the weeks ahead.

Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

https://www.portsmouth-dailytimes.com/wp-content/uploads/sites/28/2020/12/web1_N1203P69007C-1.jpg

Staff report