AAA: Gas prices up 25 cents in south central Ohio

The average price of gasoline across south central Ohio is 25 cents higher this week at $3.670 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices:

• South central Ohio average: $3.670;

• Average price during the week of April 3, 2023: $3.429;

• Average price during the week of April 11, 2022: $3.900.

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

$3.746 Athens
$3.719 Chillicothe
$3.678 Columbiana
$3.638 East Liverpool
$3.622 Gallipolis
$3.666 Hillsboro
$3.657 Ironton
$3.667 Jackson
$3.648 Logan
$3.656 Marietta
$3.578 Portsmouth
$3.694 Steubenville
$3.683 Washington Court House
$3.721 Waverly.

OPEC’s announcement last weekend that it will cut production by over a million barrels per day took the oil market by surprise. In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark.

Meanwhile, the national average for a gallon of regular gasoline rose 10 cents since last week to hit $3.60. Monday’s national average is 13 cents more than a month ago but 51 cents less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.15 to 9.3 million barrels per day last week. Meanwhile, total domestic gasoline stocks decreased substantially by 4.1 million barrels to 222.6 million barrels. Increased demand amid tighter supply has contributed to pushing pump prices higher.

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by 10 cents to settle at $80.61. Oil prices declined slightly due to market concerns that a recession could occur this year.

Earlier in the week, crude prices spiked after the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, announced it would cut production by 1.6 million barrels starting next month for the remainder of 2023.

Additionally, the EIA reported that total domestic commercial crude inventories decreased by 3.7 million barrels to 470 million barrels last week.

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