The average price of gasoline across South Central Ohio is two cents lower this week at $3.264 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.264
Average price during the week of February 7, 2022 $3.286
Average price during the week of February 16, 2021 $2.461
The average price of unleaded self-serve gasoline in various areas:
$3.262 East Liverpool
$3.258 Washington Court House
The national average price for a gallon of gas rose sharply last week to $3.48, four cents more than a week ago. The main culprit behind the recent climb in pump prices continues to be the high cost of crude oil, which is currently staying above $90 per barrel. Moderating winter weather and optimism over a potential fading of the omicron variant have led to an increase in gas demand.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks dropped by 1.6 million barrels to 248.4 million barrels last week. On the other hand, gasoline demand rose from 8.23 million barrels per day to 9.13 million barrels per day. A decrease in total stocks and increased demand have contributed to upward pressure on pump prices, but rising crude prices continue to play the dominant role in pushing pump prices higher. Gas prices could continue to increase as demand grows and crude oil prices remain above $90 per barrel.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $3.22 to settle at $93.10. The tension between Russia and Ukraine continues to contribute to rising oil prices. Additionally, EIA reported that total domestic crude stocks decreased by 4.7 million barrels to 410.4 million barrels. The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices.