The average price of gasoline across South Central Ohio is six cents lower this week at $3.900 per gallon, according to AAA East Central’s Gas Price Report.
This week’s average prices: South Central Ohio Average: $3.900
Average price during the week of April 4, 2022 $3.967
Average price during the week of April 12, 2021 $2.709
The average price of unleaded self-serve gasoline in various areas:
$3.927 East Liverpool
$3.798 Washington Court House
The cost of gasoline has continued to slide due to falling oil prices. The global oil market has seen lower prices since the U.S. and its allies agreed to significant releases of oil reserves. Also weighing down oil prices is the fear of resurgent COVID-19 infections in China and its potential for an economic slowdown in one of the world’s largest oil-consuming nations. Domestically, the national average for a gallon of gas has fallen to $4.11. This is seven cents less than a week ago, 22 cents less than a month ago, and $1.25 more than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million barrels to 236.8 million barrels last week. Gasoline demand increased slightly from 8.5 million barrels per day to 8.56 million barrels per day. Although less supply and more demand would typically support higher prices, the fluctuating oil price continues to be the main factor influencing pump prices. Pump prices will likely face downward pressure if oil prices remain below $100 per barrel.
At the close of Friday’s formal trading session, West Texas Intermediate increased by $2.23 to settle at $98.26. Overall, crude prices declined last week following EIA’s weekly report, which showed U.S. crude oil inventories rose by 2.4 million barrels to reach 412.4 million barrels.