The average price of gasoline across South Central Ohio is one cent lower this week at $3.108 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.108
Average price during the week of October 4, 2021 $3.116
Average price during the week of October 12, 2020 $2.079
The average price of unleaded self-serve gasoline in various areas:
$3.165 East Liverpool
$3.110 Washington Court House
The national average price for a gallon of gas increased eight cents on the week to reach $3.27. This is the highest price since October 2014. The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump. For the last several days, the cost of crude oil has been over $80 per barrel. And last week’s decision by OPEC and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices.
According to new EIA data, total domestic gasoline stocks increased by 3.3 million barrels to 225.1 million barrels last week. Gasoline demand also increased slightly from 9.40 million barrels per day to 9.44 million barrels per day. This increase in gas demand aided in the national average’s rise.
Meanwhile, an October 1st breach and spill in a key pipeline supplying fuel to parts of the southeastern U.S. led to tightened regional supplies. Kinder Morgan Inc. (KMI) originally said it expected repairs to its southeastern products pipeline to be completed October 9, with a restart afterward. The repairs were slowed by the recent heavy rain and flooding around Birmingham, Alabama. The pipeline serves various metropolitan areas including Birmingham, Alabama; Atlanta, Georgia; Charlotte, North Carolina; and Washington, D.C.
Today’s national average of $3.27 is 10 cents more than a month ago, $1.09 more than a year ago, and 63 cents more than pre-pandemic in 2019.