AAA: Gas Prices Spike in Ohio Ahead of July 4th Holiday

The average price of gasoline across South Central Ohio is 18 cents higher this week at $3.549 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $3.549

Average price during the week of June 24, 2024 $3.368

Average price during the week of July 3, 2023 $3.336

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

$3.656 Athens$3.597 Chillicothe$3.528 Columbiana$3.401 East Liverpool$3.496 Gallipolis$3.522 Hillsboro$3.604 Ironton$3.593 Jackson$3.500 Logan$3.673 Marietta$3.305 Portsmouth$3.614 Steubenville$3.609 Washington Court House$3.591 Waverly

Trend Analysis:

After remaining steady for three weeks, the national average increased a nickel over the past week to $3.49. The move came as the cost of oil crossed the $80 per barrel mark, putting upward pressure on pump prices. Because oil costs account for about 54% of the cost of a gallon of gas, more expensive oil usually leads to more expensive gas.

Summer gasoline demand has been lower than last year, but with a record 60 million travelers forecast to hit the road for the July 4th holiday, demand may increase over the next ten days. Today’s national average is five cents less than a month ago and four cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand fell from 9.38 million barrels per day to 8.96 million last week. This demand level is about 240,000 barrels per day below the same week of last year. Meanwhile, total domestic gasoline stocks rose from 231.2 to 233.9 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate rose seven cents to $80.90 a barrel, up from $78.50 two weeks earlier. The EIA reports that crude oil inventories increased by 3.6 million barrels from the previous week. At 460.7 million barrels, U.S. crude oil inventories are just 2% below the five-year average for this time of year.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.

AAA East Central is a not-for-profit association with 70 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.