The average price of gasoline across South Central Ohio is nine cents higher this week at $2.362 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $2.362
Average price during the week of January 11, 2021, $2.276
Average price during the week of January 21, 2020, $2.495
The average price of unleaded self-serve gasoline in various areas:
$2.256 East Liverpool
$2.420 Washington Court House
Since the beginning of the year, the national gas price average has increased 13 cents. Today’s average is $2.38. That is a nickel more than last week. However, still cheaper year-over-year by 17 cents.
The last time the nation saw a substantial January pump price increase was in 2009. That year, the national gas price average jumped 23 cents inside of the first 3 weeks of the year. At that time U.S. gasoline demand and supply were lower and crude oil prices had been increasing, similar to today.
Gas prices have been rising this year as crude oil prices continue to increase — last week pricing as high as $53/barrel. The latest Energy Information Administration (EIA) reports show gasoline demand remains low at 7.5 million b/d, which contributed to a 4.4-million-barrel increase to gasoline supply, for a total of 245 million barrels.
The higher price of crude oil is outweighing sustained low gasoline demand and a build in inventory. Should these trends continue, motorists can expect to see prices continue to climb through at the least the end of the month.