Gas prices 17 cents lower


The Record-Herald



South Central Ohio gas prices have declined 17 cents, hovering around $2.532 a gallon, according to AAA East Central’s Fuel Gauge Report. The national average is $2.332.

South Central Ohio average price last week:

$ 2.605

Average price during the week of June 22, 2015:

$2.832

On the National Front

Gas prices have fallen for nine consecutive days, reaching today’s average of $2.33 per gallon. Gasoline demand remains on track to set a new all-time high for the 2016 summer driving season, however, crude oil remains relatively less expensive than recent years; which is contributing to direct savings at the pump. Averages are down 46 cents per gallon versus this same date last year, attributed year-over-year surpluses, and these savings are likely to continue as supply appears more than capable of keeping pace with growing demand.

Pump prices generally peak during the summer months, due to imbalances in supply and demand. Unlike many recent years, supply appears to be meeting the growing demand and as a result prices have held relatively steady and markedly lower than one year ago. On the whole, refineries are keeping up with growing demand and expectations of increased production from Western Canada and the U.S. are likely to keep global crude oil prices relatively lower. The combination of the above mentioned factors is contributing to prices at the pump remaining at some of their lowest levels since 2005, and these comparative savings should persist, barring and major disruptions in production or supply.

Oil Market Dynamics

Crude oil prices continue to swing on speculations of increased production and market dynamics related to the geopolitical issues. Both primary global benchmarks, West Texas Intermediate and Brent Crude, opened the week with gains credited to questions surrounding whether the U.K will exit the European Union, and what, if any impact it will have on the global oil market and the U.S. dollar. News about U.S. gasoline demand and the U.S. dollar are also expected to influence crude oil prices in the near term – both factors tend to lead to fluctuations in the price drivers pay at the pump. After reaching its lowest settlement price since May 13 earlier in the week, WTI closed out Friday’s formal trading session on the NYMEX, up $1.77 to settle at $47.98 per barrel.

Here is the price per gallon of unleaded self-serve gasoline in various areas:

$2.499

Athens

$2.493

Chillicothe

$2.316

Columbiana

$2.481

East Liverpool

$2.503

Gallipolis

$2.587

Hillsboro

$2.504

Ironton

$2.520

Jackson

$2.488

Logan

$2.523

Marietta

$2.523

Portsmouth

$2.609

Steubenville

$2.581

Washington Court House

$2.632

Waverly

AAA submitted this article.

The Record-Herald

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