The average price of gasoline across South Central Ohio is eight cents lower this week at $3.539 per gallon, according to AAA East Central’s Gas Price Report.

This week’s average prices: South Central Ohio Average: $3.539

Average price during the week of June 12, 2023 $3.615

Average price during the week of June 21, 2022 $4.945

The average price of unleaded self-serve gasoline in various areas:

$3.686 Athens

$3.531 Chillicothe

$3.460 Columbiana

$3.642 East Liverpool

$3.464 Gallipolis

$3.459 Hillsboro

$3.597 Ironton

$3.599 Jackson

$3.464 Logan

$3.527 Marietta

$3.465 Portsmouth

$3.609 Steubenville

$3.424 Washington Court House

$3.625 Waverly

Trend Analysis:

As summer begins, drivers are finding prices significantly lower than last year. Lackluster demand and low oil costs are keeping gas prices relatively stable. The national average for a gallon of gas fell two cents since last week to $3.57. That’s $1.41 less than a year ago with 20 gallons of gas costing nearly $30 less than last year.

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 to 9.19 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased by 2.1 million barrels to 220.9 million barrels. Lower gas demand amid increasing supply has helped to limit pump price increases.

At the close of Wednesday’s formal trading session, West Texas Intermediate decreased by $1.15 to settle at $68.27. Oil prices declined due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 7.9 million barrels to 467.1 million barrels last week.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com.

AAA East Central is a not-for-profit association with 69 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.