Gas prices have reversed their course and started to rise in price once again, according to an American Automobile Association (AAA) press release.
The AAA said the rise in price was because of multiple concerns, which included concerns that less Russian oil will be entering the market as well as fears of a “COVID-induced economic slowdown in China,” which AAA said is the world’s leading oil consumer.
“As long as the price of oil stays elevated, the price at the pump will struggle to fall,” Andrew Gross, AAA spokesperson, said. “Consumers may be catching a little break from March’s record-high prices, but don’t expect any dramatic drops.”
The release said new information from the Energy Information (EIA) said its total domestic gasoline stocks decreased by almost 1 million barrels (bbl) to 232.3 million bbl. It also said demand slightly increased from 8.73 million barrels per day (b/d) to 8.86 million b/d.
AAA said the “fluctuating” oil price continues to be the main factor in pump prices despite how supply and demand factors “typically” support the elevated pump prices.
“At the close of Friday’s formal trading session, WTI decreased by $1.72 to settle at $102.07,” the AAA news release said. “Crude prices weakened at the end of the day due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom. Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.”
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 $3.660 as of Tuesday. That is a decrease from one week ago when the price per gallon was $3.773, according to AAA. One month ago, the average price was $4.028.
The lowest area gas prices, according to GasBuddy on Tuesday, were:
* Chillicothe — The lowest price was $3.74 at Valero.
* Greenfield — The lowest price was $3.71 at Save-a-Lot.
* Hillsboro — The lowest price was $3.41 at Murphy USA.
* Mount Orab — The lowest price was $3.86 at Kroger.
* Wilmington — The lowest price was $3.84 at Shop & Go.
Reach Jacob Clary at 937-402-2570.