By Frank Lewis
Portsmouth again holds the distinction of having the highest gasoline prices in south central Ohio at $2.88 per gallon, a fraction of a penny over Waverly at $2.87, but despite rising prices over the past several months, drivers are poised to pay the lowest prices at the pump over the Fourth of July holiday weekend in at least five years.
The average price for a gallon of gas in south central Ohio is $2.82. However, last year at this time the average price for a gallon of gas in the region was $3.70.
The lowest price of gas in the region is, according to AAA East Central, Hillsboro at $2.78. The national average is $2.78.
While pump prices are down on the week, they are up four cents per gallon month-over-month, largely due to regional refinery issues that put upward pressure on the national average over the last 30 days. Gas prices continue to reflect considerable yearly discounts with drivers saving an average of 90 cents per gallon versus this same date last year.
Pump prices often fall leading up to the Independence Day holiday. However, a seasonal decline in the national average this year has been offset by supply shortages due to localized refinery issues and global crude prices that have recovered from multi-year lows this spring.
At the close of Friday’s formal trading on the NYMEX, WTI was down seven cents and settled at $59.63 per barrel.
Reach Frank Lewis at 740-353-3101, ext. 1928, or on Twitter @franklewis.