AAA: Gas prices jump in Ohio with oil prices on the rise

Staff report

The average price of gasoline across South Central Ohio is seven cents higher this week at $2.445 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.445

Average price during the week of February 1, 2021 $2.370

Average price during the week of February 10, 2020 $2.340

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

$2.490 Athens

$2.423 Chillicothe

$2.390 Columbiana

$2.442 East Liverpool

$2.498 Gallipolis

$2.237 Hillsboro

$2.497 Ironton

$2.486 Jackson

$2.435 Logan

$2.493 Marietta

$2.479 Portsmouth

$2.484 Steubenville

$2.411 Washington Court House

$2.466 Waverly

At $2.46, the national gas price average is more expensive on the week (+4 cents), the month (+16 cents) and the year (+2 cents). This past Saturday, February 6, was the first time in 340 days the national average was more expensive than a year ago. Today, nearly two-thirds of all state gas price averages are more expensive year-over-year. Pump prices continue to climb, in part due to expensive crude oil and the market’s growing optimism that demand will increase amid the vaccination roll-out.

Up to $56/barrel, crude oil increased last week following Organization of the Petroleum Exporting Countries’ (OPEC) decision to keep their production cuts unchanged—a decision influenced by the ongoing impact of the pandemic on gasoline demand. Crude has not been priced this high since January 2020. Typically, it can take a few weeks before pump prices see the impact of more expensive crude, and with crude accounting for more than 50% of the retail price, increases are very likely to continue.

On the week, 46 state gas price averages are more expensive with 13 states seeing a nickel or more increase. Motorists in Florida (+11 cents), Michigan (+11 cents) and West Virginia (+10 cents) saw the largest weekly increases.

Staff report