AAA: Gas prices climbing in Ohio

The average price of gasoline across South Central Ohio is 12 cents higher this week at $3.547 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average — $3.547

Average price during the week of May 6, 2024 — $3.421

Average price during the week of May 15, 2023 — $3.603

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

$3.595 — Athens

$3.555 — Chillicothe

$3.581 — Columbiana

$3.580 — East Liverpool

$3.516 — Gallipolis

$3.507 — Hillsboro

$3.570 — Ironton

$3.548 — Jackson

$3.529 — Logan

$3.497 — Marietta

$3.510 — Portsmouth

$3.580 — Steubenville

$3.536 — Washington Court House

$3.552 — Waverly

Trend analysis:

Gas prices continue to trend lower with the national average falling by four cents over the past week to $3.61. Tepid pre-Memorial Day domestic demand and oil costs below $80 a barrel are contributing to lower prices. Today’s national average is two cents less than a month ago but eight cents more than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.62 million barrels per day to 8.79 last week. Meanwhile, total domestic gasoline stocks increased by nearly 1 million barrels to 228 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by 61 cents to settle at $78.99 a barrel. Prices rose as the EIA reported that crude oil inventories had decreased by 1.4 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 3% 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