AAA: Gas prices jump in Ohio

Staff report

The average price of gasoline across South Central Ohio is seven cents higher this week at $2.950 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $2.950

Average price during the week of May 24, 2021 $2.889

Average price during the week of June 1, 2020 $1.975

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

$3.007 Athens

$2.959 Chillicothe

$2.851 Columbiana

$2.992 East Liverpool

$2.953 Gallipolis

$3.006 Hillsboro

$2.870 Ironton

$2.973 Jackson

$2.989 Logan

$2.863 Marietta

$2.888 Portsmouth

$2.976 Steubenville

$2.983 Washington Court House

$2.988 Waverly

At $3.04, the national gas price average only increased one penny leading up to Memorial Day weekend. Most states saw no change to pump prices or a decline on the week. However, prices may not stay this way for long. For the week ending May 21, demand jumped to 9.4 million barrels a day. This is the highest reported number since March 2020 and up nearly 30% over the same week last year, indicating motorists are filling up more frequently.

Gasoline supply and demand levels are looking more like typical summer numbers. Demand has steadily jumped week-over-week since the end of April and supply has decreased. The increasing demand and decreasing supply combined with more expensive crude oil prices mean gas prices are likely to fluctuate throughout June.

Today’s average is $1.05 more than last year at this time and 15 cents more expensive than last month. The May national gas price averaged $3/gallon. That is just 11 cents more than the May 2018 and 2019 national averages. With a $3+/gallon average at the start of June, this month could prove to be the most expensive average in years.

At the close of Friday’s formal trading session, West Texas Intermediate decreased by 53 cents to settle at $66.32. Although prices ended the day down, crude prices gained on the week after the Energy Information Administration’s weekly report showed that total domestic crude inventories decreased by 1.7 million barrels to 484.3 million barrels. However, last week’s price gains were limited by market concerns that increasing coronavirus infections around the world could reduce crude consumption this year.

Staff report