Gas prices have continued to go up both nationally and statewide, according to the most recent statistics from the American Automobile Association (AAA).
Updated on Tuesday, those statistics showed that the current average gas price was $3.824 across the country, with that average up from $3.538 last month at this time and down from $4.059 at this time in 2022.
“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” Andrew Gross, AAA spokesperson, said in a news release. “Coupled with tepid demand and declining oil prices, this may help take the steam out of the tight supply price jolts we’ve seen lately.”
The release said new information from the Energy Information Administration (EIA) said gas demand fell from 8.94 million barrels per day to 8.84 million b/d as the total domestic gasoline stock went up by 1.5 million barrels (bbl) to 219.1 million bbl.
The release also said the falling gasoline demand, as well as increasing supply, “will likely” help assuage the slow price increases in the near future.
“At the close of Wednesday’s formal trading session, WTI decreased by $1.88 to settle at $79.49,” the AAA news release said. “Oil prices tumbled yesterday after the U.S. credit rating declined, increasing market fears that oil demand could decline if the economy eases. If oil demand drops, prices would likely follow suit. Additionally, the EIA reported that total domestic, commercial crude inventories decreased by 17 million bbl to 439.8 million bbl.”
AAA said Ohio had the 49th highest gas price of all of the states in the county plus Washington, D.C. Ohio’s average price per gallon was $3.429 as of Tuesday. That is a rise from one week ago when the price per gallon was $3.485, according to AAA. One month ago, the average gas price $3.220 per gallon.
The lowest area gas prices, according to GasBuddy on Tuesday, were:
* Chillicothe — The lowest price was $3.34 at Murphy USA.
* Greenfield — The lowest price was $3.29 at Marathon.
* Hillsboro — The lowest price was $3.31 at Murphy USA.
* Mount Orab — The lowest price was $3.49 at multiple places.
* Wilmington — The lowest price was $3.24 at Shop & Go.
Reach Jacob Clary at 937-402-2570.