Gas prices fall across country


Gas prices have gone down both nationally and statewide, according to a news release and statistics from the American Automobile Association (AAA).

In Hillsboro, when The Times-Gazette last reported on gas prices on June 2, 2023, the price at one location was $3.53, whereas now at the same location, it is $3.38.

That fall has also been seen statewide and nationwide, according to AAA.

AAA statistics for the national gas prices, updated on Monday, showed that the current gas price was $3.578 across the country, with that average up from $3.594 last month at this time and down from $4.983 at this time in 2022.

“We may be in a bit of a demand lull heading into the July Fourth holiday,” Andrew Gross, AAA spokesperson, said. Drivers are benefitting financially, with 20 gallons of gas costing nearly $30 less than last year. And with the cost for oil low, drivers will find pump prices that are flat or drifting slightly lower for now.”

The release said new information from the Energy Information Administration (EIA) said gas demand fell from 9.22 million barrels per day to 9.19 million b/d as the total domestic gasoline stock went up by 2.1 million barrels (bbl) to 220.9 million bbl.

The release also said that the lower gas demand and increased supply have “helped” to limit the increases at the pump.

“At the close of Wednesday’s formal trading session, WTI decreased by $1.15 to settle at $68.27,” the AAA news release said. “Oil prices declined yesterday due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 7.9 million bbl to 467.1 million bbl last week.”

AAA said Ohio had the 25th highest gas price of all of the states in the county plus Washington, D.C. The site said Ohio’s average price per gallon was $3.513 as of Monday. That is a decrease from one week ago when the price per gallon was $3.613, according to AAA.

The lowest area gas prices, according to GasBuddy on Monday, were:

* Chillicothe — The lowest price was $3.39 at Valero.

* Greenfield — The lowest price was $3.42 at multiple places.

* Hillsboro — The lowest price was $3.36 at Murphy USA.

* Mount Orab — The lowest price was $3.57 at multiple places.

* Wilmington — The lowest price was $3.31 at Marathon.

Reach Jacob Clary at 937-402-2570.

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