AAA: Gas prices mostly stable despite decrease in demand


Staff report



The average price of gasoline across South Central Ohio is two cents lower this week at $4.018 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $4.018

Average price during the week of March 21, 2022 $4.031

Average price during the week of March 29, 2021 $2.655

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

$4.099 Athens

$3.990 Chillicothe

$4.127 Columbiana

$4.069 East Liverpool

$4.012 Gallipolis

$3.801 Hillsboro

$4.097 Ironton

$4.003 Jackson

$3.916 Logan

$4.057 Marietta

$3.981 Portsmouth

$4.088 Steubenville

$3.930 Washington Court House

$4.078 Waverly

With the cost of crude oil hovering near $110 per barrel, volatility at the pump has slowed. After hitting $4.33 on March 11, today’s national average for a gallon of gas is $4.24, which is one cent less than a week ago, 63 cents more than a month ago, and $1.38 more than a year ago.

Domestically, gasoline demand is defying seasonal trends and has dipped for the second straight week, perhaps due to higher pump prices and consumers altering their driving habits. The drop in gas demand is contributing to steadier prices. However, elevated oil prices have slowed that decline, and if prices continue to rise, pump prices will likely follow suit.

At the close of Friday’s formal trading session, West Texas Intermediate increased by $1.56 to settle at $113.90. Crude prices climbed after EIA’s weekly report revealed that total domestic crude stocks declined last week by 2.5 million barrels to 413.4 million barrels, approximately 18 percent lower than the level in mid-March 2021. The current inventory level highlights tightness in the market, contributing to rising oil prices.

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Staff report