The average price of gasoline across South Central Ohio is five cents lower this week at $3.967 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.967
Average price during the week of March 28, 2022 $4.018
Average price during the week of April 5, 2021 $2.793
The average price of unleaded self-serve gasoline in various areas:
$4.016 East Liverpool
$3.883 Washington Court House
Today’s national average for a gallon of gas is $4.18, which is six cents less than a week ago, 35 cents more than a month ago, and $1.31 more than a year ago. Gasoline prices have been decreasing across the country as crude oil prices have been on the decline for the past several days.
On March 25th, West Texas Intermediate closed the day at $113.90 per barrel. During the following week, prices fluctuated in the mid to high $100 range until President Joe Biden announced plans to release one million barrels of oil per day for six months (180 million barrels) from the Strategic Petroleum Reserve (SPR). The SPR is a collection of underground salt caverns along the Gulf Coast where millions of gallons of crude oil are stored. Created in 1975 and managed by the U.S. Department of Energy, it is said to be the largest supply of emergency crude oil in the world.
The president’s announcement came as OPEC and its allies announced they would maintain a plan to gradually ramp up production with monthly increases. At the close of Friday’s formal trading session, West Texas Intermediate decreased by $1.01 to settle at $99.27.
Domestically, dipping gasoline demand is defying seasonal trends for a third straight week, possibly due to higher pump prices and consumers altering their driving habits. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks increased by 800,000 barrels to 238.8 million barrels last week while demand decreased from 8.63 million barrels per day to 8.5 million barrels per day. The drop in gas demand, alongside growth in total stocks, also contributed to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower.