The gas price has fallen by 5 cents since last week with only one week until Thanksgiving, with the national gas price down 14 cents since one month ago, according to an American Automobile Association (AAA) news release.
“While the national average has barely budged, there are now about 13 states with some stations selling gas below $3 a gallon,” Andrew Gross, AAA spokesperson, said. “More gas stations could follow, which may be a big help with road trip budgeting as Thanksgiving approaches.”
The AAA news release said the key reason for the falling prices is the global cost of oil, which it said has been “stuck” in a price range of $85 to $92 per barrel for several weeks.
The release said new information from the Energy Information Administration (EIA) said gas demand rose from 8.66 million barrels per day (b/d) to 9.01 b/d while the total domestic gasoline stock fell by almost one million barrels (bbl) to 205.7 million bbl.
“At the close of Friday’s formal trading session, WTI increased by $2.49 to settle at $88.96,” the AAA news release said. “Although crude prices jumped at the end of the week due to a weakening dollar, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower.”
AAA said Ohio had the 26th 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 $3.717 as of Tuesday. That is a decrease from one week ago when the average price per gallon was $3.853, according to AAA. One month ago, the average price was $3.827.
The lowest area gas prices, according to GasBuddy on Tuesday, were:
* Chillicothe — The lowest price was $3.79 at Murphy USA.
* Greenfield — The lowest price was $3.74 at multiple places.
* Hillsboro — The lowest price was $3.72 at multiple places.
* Mount Orab — The lowest price was $3.85 at multiple places.
* Wilmington — The lowest price was $3.71 at Shop & Go.
Reach Jacob Clary at 937-402-2570.