American Automobile Association (AAA) spokesperson Jeanette McGee said that because of increasing demand and decreasing supply, including “expensive” crude oil prices, gas prices are likely to see fluctuation throughout the month of June, according to a AAA news article on June 1.
“Demand has steadily jumped week-over-week since the end of April, pushing supply down to typical summer levels … We could see some decreases early in the month and increases mid-month as school years end and summer travel increases” McGee said.
According to the article, prices might not stagnate even though it said the majority of states saw no changes on the week or even decreases. The article also said that during the week ending May 21, the demand jumped to 9.4 million barrels per day, which was the highest reported number since early March of last year. It also said that was an increase of almost 100,000 barrels per day over the same week last year.
The article said that when Friday’s formal trading sessions ended, West Texas Intermediate saw its price per barrel decreased by 53 cents to $66.32.
“Although prices ended the day down due to market liquidation at the end of the month, crude prices gained on the week after EIA’s weekly report showed that total domestic crude inventories decreased by 1.7 million bbl to 484.3 million bbl,” the article said. “However, last week’s price gains were limited by market concerns that increasing coronavirus infections around the world could reduce crude consumption this year.”
Ohio was the 26th ranked state on Thursday in terms of average gas price with an average price of $2.942 for regular fuel, according to AAA. It also said that is a decrease from Wednesday’s average of $2.948. However, AAA said that is an increase from just one week ago, when the price was $2.927. A month ag the average regular fuel price in Ohio was $2.772 per gallon.
AAA said in the article released on June 1 that Ohio had the third-highest weekly change, which was an increase of 6 cents.
The lowest gas prices around Highland County, according to GasBuddy as of June 3, were:
* Chillicothe — The lowest price was $2.84 at multiple places.
* Greenfield — The lowest price was $2.96 at multiple places.
* Hillsboro — The lowest price was $2.89 at multiple places.
* Mount Orab — The lowest price was $2.98 at multiple places.
* Wilmington — The lowest price was $2.94 at multiple places.
Reach Jacob Clary at 937-402-2570.