AAA: Gas prices continue to tumble in Ohio

The average price of gasoline across South Central Ohio is 14 cents lower this week at $3.241 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: — $3.241

Average price during the week of June 3, 2024 — $3.382

Average price during the week of June 12, 2023 — $3.615

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

$3.360 — Athens

$3.044 — Chillicothe

$3.020 — Columbiana

$3.318 — East Liverpool

$3.426 — Gallipolis

$3.191 — Hillsboro

$3.289 — Ironton

$3.132 — Jackson

$3.011 — Logan

$3.489 — Marietta

$3.173 — Portsmouth

$3.289 — Steubenville

$3.213 — Washington Court House

$3.425 — Waverly

Trend analysis:

As the summer vacation season gets underway, gasoline prices continue their downward trend, falling nine cents since last week to $3.44. It marks the largest weekly drop of the year. Tepid gasoline demand, increasing supply and lower oil costs are contributing to the drop in gas prices. Today’s national average is 19 cents less than a month ago and 18 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 barrels per day to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate rose by 82 cents to settle at $74.07 a barrel. Last Thursday, the price was $77.91. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

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

Submitted by AAA East Central