Gas prices plummet after holiday


Gas prices have continued to fall even further following the Thanksgiving holiday season, 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 Nov. 6, the lowest price in the city was $2.98, whereas now the lowest price is $2.89.

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

AAA said Ohio had the 37th highest gas price of all of the states in the country plus Washington, D.C. The site said Ohio’s average price per gallon was $3.000 as of Monday. That is a fall from one week ago when the price per gallon was $3.123, according to AAA. One month ago, the average gas price was $3.196 per gallon.

The release said new information from the Energy Information Administration (EIA) said gas demand fell from 9.49 million barrels per day (b/d) to 8.95 million b/d as the total domestic gasoline stock also fell by 1.5 million barrels (bbl) to 215.7 million barrels (bbl).

The release said the falling gas demand and oil prices contributed to pushing the prices down.

“At the close of Wednesday’s formal trading session, WTI decreased by $1.60 to settle at $76.66,” the news release said. “Oil prices fell due to reduced market concerns that the conflict in the Middle East will escalate, which could lead to a reduction in regional oil production and higher prices. Additionally, the EIA reported that total domestic commercial crude inventories increased by 3.6 million bbl to 439.4 million bbl last week.”

AAA statistics for the national gas prices, updated Monday, showed that the current average gas price was $3.250 across the country, with that average down from $3.308 last week and also down from $3.518 at this time last month.

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

* Chillicothe — The lowest price was $2.96 at multiple places.

* Greenfield — The lowest price was $2.89 at Marathon.

* Hillsboro — The lowest price was $2.89 at Murphy USA.

* Mount Orab — The lowest price was $3.09 at multiple places.

* Wilmington — The lowest price was $2.89 at One9 Fuel Stop.

Reach Jacob Clary at 937-402-2570.

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