AAA: Gas prices down 6 cents this week

The average price of gasoline across south central Ohio is six cents lower this week at $3.406 per gallon, according to AAA East Central’s gas price report.

This week’s average prices:

• South central Ohio average: $3.406;

• Average price during the week of May 30, 2023 $3.466;

• Average price during the week of June 6, 2022 $4.766.

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

$3.516 Athens
$3.302 Chillicothe
$3.341 Columbiana
$3.464 East Liverpool
$3.460 Gallipolis
$3.360 Hillsboro
$3.499 Ironton
$3.473 Jackson
$3.231 Logan
$3.530 Marietta
$3.412 Portsmouth
$3.346 Steubenville
$3.283 Washington Court House
$3.471 Waverly.

Despite the surge in travel over the long Memorial Day weekend, the national average for a gallon of gas fell three cents over the past week to $3.55. The cost of crude oil, which accounts for more than half of the cost of a gallon of gas, has been staying in the low $70s per barrel and even dipped into the $60’s last week.

The drop in crude prices has contributed to lower gas prices. Monday’s national average is a penny lower than a month ago and $1.29 less than a year ago.

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.37 to settle at $68.09. Additionally, the Energy Information Administration (EIA) reported that total domestic commercial crude inventories increased significantly by 4.5 million barrels to 459.7 million barrels last week.

According to new data from the EIA, gas demand decreased from 9.43 to 9.1 million barrels per day last week. Lower demand has helped to cap increases in pump prices. Meanwhile, total domestic gasoline stocks dropped slightly to 216.1 million barrels.

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