Gas prices have fallen for the second straight week, with the national average at $4.89 per gallon, according to a news release from the American Automobile Association (AAA) on Tuesday.
The AAA news release said that a drop in the global price of oil “helped” the price fall again. It also said that “economic fears of a potential global recession,” which led to less demand for oil, dropped the price for a barrel of oil to around $107, a fall from $110 last week.
“Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator,” Andrew Gross, AAA spokesperson, said. “The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further.”
The release said the Energy Information Administration (EIA) delayed the release of new gasoline demand information due to “systems issues.”
“At the close of Friday’s formal trading session, WTI increased by $3.35 to settle at $107.62,” the AAA news release said. “Although crude prices strengthened at the end of the week due to positive market sentiment after the stock market rallied, crude prices dropped earlier in the week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. For this week, crude prices could decline if EIA’s reporting shows a large increase in total domestic stocks.”
AAA said Ohio had the 26th 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 $4.846 as of Tuesday. That is an increase from one week ago when the price per gallon was $4.965, according to AAA. One month ago, the average price was $4.438.
The lowest area gas prices, according to GasBuddy on Tuesday, were:
* Chillicothe — The lowest price was $4.55 at Murphy USA.
* Greenfield — The lowest price was $4.69 at Marathon.
* Hillsboro — The lowest price was $4.65 at multiple places.
* Mount Orab — The lowest price was $4.89 at multiple places.
* Wilmington — The lowest price was $4.69 at Shop & Go.
Reach Jacob Clary at 937-402-2570.