The average price of gasoline across South Central Ohio is three cents lower this week at $3.136 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.136
Average price during the week of December 13, 2021 $3.163
Average price during the week of December 21, 2020 $2.087
The average price of unleaded self-serve gasoline in various areas:
$3.200 East Liverpool
$3.003 Washington Court House
Gasoline demand surged last week as pre-holiday consumer confidence increased, but the national average for a gallon of gas still dipped three cents to $3.30.
A recovering economy coupled with strong employment is leading to increased demand for gasoline. This demand increase should drive pump prices higher, but the wavering price of crude oil has helped prices to continue to decrease.
At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.52 to settle at $70.86. Crude prices declined last week due to growing market concerns that the omicron variant of COVID-19 will lead to a decrease in demand as governments around the globe increase measures to curb transmission rates. Additionally, crude prices declined despite EIA’s new data revealing that total domestic crude stocks decreased by 4.6 million barrels to 428.3 million barrels. The current stock level is 14.4 percent lower than mid-December 2020.
According to recent data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 barrels to 218.6 million barrels last week. Meanwhile, gasoline demand increased from 8.96 million barrels per day to 9.47 million barrels per day. Typically, growing demand and tight supply would support rising pump prices; however, fluctuations in the price of crude oil have helped to put downward pressure on prices.
Today’s national average of $3.30 is 11 cents less than a month ago and $1.09 more than a year ago.