The average price of gasoline across South Central Ohio is nine cents higher this week at $3.357 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.357
Average price during the week of February 16, 2022 $3.264
Average price during the week of February 22, 2021 $2.661
The average price of unleaded self-serve gasoline in various areas:
$3.344 East Liverpool
$3.338 Washington Court House
The potential invasion of Ukraine by Russia is having a rippling effect on the oil market, which in turn will impact the price of gasoline in the U.S. The national average for a gallon of gas has risen to $3.53, four cents more than a week ago, 21 cents more than a month ago and 90 cents more than a year ago.
A Russian attack would be met by severe financial sanctions led by the United States and its allies. Russia could retaliate by withholding oil from the world market, which is already dealing with tight supplies as countries loosen COVID restrictions. Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.3 million barrels to 247.1 million barrels last week. On the other hand, gasoline demand fell from 9.13 million barrels per day to 8.57 million barrels per day. Typically, a decrease in gas demand during the winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher.