Gas prices have once again soared, with the national average rising by 15 cents compared to last week, according to the American Automobile Association (AAA) news press release released on Monday. The release said that the national average at that time, $5.01, was the highest price it had ever recorded since it started collecting data in 2000.
AAA said this price rise was due to multiple factors, such as the price of a barrel of oil being over $120, oil demand increasing and domestic gasoline demand staying “robust” as the summer begins.
“Based on the demand we’re seeing, it seems high prices have not really deterred drivers,” Andrew Gross, AAA spokesperson, said. “If prices stay at or above $5, we may see people start to change their daily driving habits or lifestyle, but it hasn’t happened yet.”
The release said new information from the Energy Information (EIA) said its total domestic gasoline stocks decreased by 800,000 barrels (bbl) to 218.2 million bbl. It also said demand rose from 8.98 million barrels per day (b/d) to 9.2 million b/d.
The release said the decreasing supply and rising demand are “contributing” to the rise in gas prices. It also said that, alongside the increasing crude oil prices, the price of gas will “likely remain elevated” in the near future.
“At the close of Friday’s formal trading session, WTI decreased by 84 cents to settle at $120.67,” the AAA news release said. “Although prices ended lower on Friday due to the rising value of the dollar, crude prices increased earlier last week in response to global supply concerns amid expected demand increases, particularly as China emerges from lockdowns that reduced crude demand. Crude prices have increased despite EIA reporting that total domestic stocks increased by 2.1 million bbl to 416.8 million bbl last week. However, the current storage level is still approximately 12 percent lower than a year ago, contributing to rising crude prices. Crude prices could rise further this week if EIA’s next report shows an inventory decline.”
AAA said Ohio had the 18th 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 $5.045 as of Tuesday. That is an increase from one week ago when the price per gallon was $4.968, according to AAA. One month ago, the average price was $4.288.
The lowest area gas prices, according to GasBuddy on June 14, were:
* Chillicothe — The lowest price was $4.97 at Murphy USA.
* Greenfield — The lowest price was $4.99 at multiple places.
* Hillsboro — The lowest price was $4.89 at multiple places.
* Mount Orab — The lowest price was $5.09 at multiple places.
* Wilmington — The lowest price was $5.02 at Shop & Go.
Reach Jacob Clary at 937-402-2570.