Gas prices continue to fall


Gas prices have continued to fall even further despite oil prices climbing, 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. 27, the lowest price in the city was $2.89, whereas now the lowest price is $2.79.

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

AAA said Ohio had the 38th 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 $2.935 as of Monday. That is a fall from one week ago when the price per gallon was $3.000, according to AAA. One month ago, the average gas price was $3.147 per gallon.

“The current streak of daily pump prices either falling or staying flat started on September 19,” Andrew Gross, AAA spokesperson, said. “It appears this run is in jeopardy, and we may see prices edge a bit higher. But if the cost of oil eventually hits reverse and dips again, pump prices will likely follow suit. So, stay tuned.”

The release said new information from the Energy Information Administration (EIA) said gas demand fell from 8.48 million barrels per day (b/d) to 8.21 million b/d as the total domestic gasoline stock rose by 1.8 million barrels (bbl) to 218.2 million barrels (bbl).

The release said the falling gas demand and rising oil prices have allowed gas prices to continue to fall.

“At the close of Wednesday’s formal trading session, WTI increased by $1.45 to settle at $77.86,” the AAA news release said. “Oil prices increased due to market concerns that OPEC+ will maintain its production reduction agreement through 2024. A tight oil supply could elevate prices if demand moves higher than expected. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.6 million bbl to 449.7 million bbl last week.”

AAA statistics for the national gas prices, updated on Monday, showed that the current average gas price was $3.242 across the country, with that average down from $3.250 last week and also down from $3.426 at this time last month.

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

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

* Greenfield — The lowest price was $2.82 at multiple places.

* Hillsboro — The lowest price was $2.79 at Murphy USA.

* Mount Orab — The lowest price was $2.89 at multiple places.

* Wilmington — The lowest price was $2.73 at Marathon.

Reach Jacob Clary at 937-402-2570.

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