Gas prices have gone up substantially, according to a news release and statistics from the American Automobile Association (AAA).
Concerning Hillsboro, when The Times-Gazette last reported on gas prices on Aug. 8, 2023, the price at one location was $3.33, whereas now at the same location, it is $3.58.
That climb has also been seen statewide and nationwide, according to AAA.
AAA statistics for the national gas prices, updated on Tuesday, showed that the current gas price was $3.862 across the country, with that average up from $3.824 last month at this time and substantially up from $3.566 at this time last month.
“We appear to be at a fork in the road when it comes to which direction gas prices will take – up or down,” Andrew Gross, AAA spokesperson, said. “The summer heat that kept people home and suppressed refinery production has eased for now, so we have to look at the cost of oil to determine if the recent price climb is ending. More expensive oil will likely lead to higher prices, so stay tuned.”
The release said new information from the Energy Information Administration (EIA) said gas demand rose from 8.84 million barrels per day to 9.30 million b/d as the total domestic gasoline stock fell by almost three million barrels (bbl) to 216.4 million bbl.
The release also said that the higher demand and tighter supply “helped” to keep the prices up, and if the gas demand stays up with increasing oil prices, gas prices should continue to increase.
“At the close of Wednesday’s formal trading session, WTI increased by $1.48 to settle at $84.40,” the AAA news release said. “The price of oil has not been this high since mid-April 2023. Prices have increased amid market optimism that oil demand will be more robust than expected during this half of 2023 and into 2024. According to the Organization of the Petroleum Exporting Countries (OPEC), world oil demand is expected to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. Additionally, the EIA reported that total domestic commercial crude inventories increased from 439.8 to 445.6 million bbl.”
AAA said Ohio had the 39th 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 $3.632 as of Tuesday. That is a rise from one week ago when the price per gallon was $3.429, according to AAA. One month ago, the average gas price $3.343 per gallon.
The lowest area gas prices, according to GasBuddy on Tuesday, were:
*Chillicothe — The lowest price was $3.49 at Murphy USA.
*Greenfield — The lowest price was $3.54 at Marathon.
*Hillsboro — The lowest price was $3.57 at multiple places.
*Mount Orab — The lowest price was $3.69 at multiple places.
*Wilmington — The lowest price was $3.56 at multiple places.
Reach Jacob Clary at 937-402-2570.