AAA: Memorial Day travelers will pay highest gas prices since 2014

Staff report

The average price of gasoline across South Central Ohio is one cent lower this week at $2.889 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.889

Average price during the week of May 17, 2021, $2.894

Average price during the week of May 26, 2020, $1.964

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

$2.989 Athens

$2.849 Chillicothe

$2.959 Columbiana

$2.980 East Liverpool

$2.958 Gallipolis

$2.881 Hillsboro

$2.881 Ironton

$2.822 Jackson

$2.818 Logan

$2.850 Marietta

$2.877 Portsmouth

$2.832 Steubenville

$2.869 Washington Court House

$2.886 Waverly

AAA expects 37 million Americans to travel, mostly by car and plane, for the Memorial Day holiday weekend. These motorists will be greeted with the most expensive Memorial Day weekend gas prices since 2014. The national average has stabilized following the Colonial Pipeline cyberattack, but pump prices are likely to fluctuate leading up to the holiday weekend. Over the past weekend, the national gas price average declined a penny to $3.03, the first decrease in two weeks. While barely cheaper on the week, the average is 17 cents more than last month and $1.12 more expensive than last year.

At the close of Friday’s formal trading session, WTI increased by $1.64 to settle at $63.58. While a stronger dollar contributed to higher prices for the day, on the week crude prices declined amid coronavirus concerns. Additionally, new market concerns about inflation and the Energy Information Administration’s (EIA) weekly report revealing that total domestic crude inventories increased by 1.3 million barrels to 486 million barrels helped to reduce crude prices last week. If the EIA’s next weekly report shows another increase in crude stocks, prices could decrease further this week.

Staff report