CINCINNATI, Oh. (November 12, 2018)–As the Thanksgiving travel holiday draws near, Ohio motorists have much to be thankful about including—cheaper gas prices.
Pump prices in Ohio dropped an average of 12-cents giving the state the no. 1 spot on AAA’s Largest Weekly Gas Price List. Ohio is also fifth on the list this week of least expensive gas in the country.
“Prices could plunge even lower, especially if we see a surge in gasoline production after refiners fully restart units from the fall maintenance season,” said Jenifer Moore, AAA spokeswoman. “Also driving down pump prices is the fact that crude oil is selling under $65/bbl, a rare sight this year.”
Locally, Cincinnati drivers have a lot to be thankful for too as the average pump prices for regular gas are trending 17-cents cheaper than a week ago and 39-cents cheaper than last month.
Today, 41 percent of gas stations nationwide are selling unleaded gasoline for $2.50 or less. In comparison, the majority of gas stations were selling gas for $2.51 or more at the start of summer during the Memorial Day holiday weekend.
State gas price averages are as much as 12-cents to a nickel cheaper a gallon on the week in more than two-thirds of the country. As demand drops and the end of refinery maintenance season wraps-up, the national gas price average is $2.70. That price is six cents less than last Monday, 21-cents less than last month and just 14-cents more than last year. In fact, the year-over-year price differential has not been this small since early January.
Great Lakes and Central
Gas prices in eight Great Lakes and Central states land on the top 10 list of states with the biggest changes, a handful with double-digit drops: Ohio (-12 cents), Michigan (-11 cents), Nebraska (-10 cents), Iowa (-10 cents), Indiana (-9 cents), Kansas (-9 cents), Missouri (-9 cents) and Kentucky (-9 cents). Gas prices are, at a minimum, a nickel cheaper in every state in the region on the week.
Only six states in the country have cheaper gas prices today as compared to a year ago. Five are Great Lakes and Central states: Illinois ($2.68), Michigan ($2.60), Indiana ($2.52), Iowa ($2.53) and Ohio ($2.40). With gas prices just pennies more than last year, these three states also might see the same trend soon: Missouri ($2.37), Nebraska ($2.58) and Wisconsin ($2.61).
The region saw a small draw of 856,000 bbl on the week, tightening gasoline stocks to a new low for the year. The last time the region saw stocks register at the 46 million bbl mark was during October 2017, according to Energy Information Administration (EIA) data. As refineries wrap-up maintenance season it is likely stocks will increase and drive prices potentially even cheaper amid declining demand.
The nation’s top 10 least expensive markets are: Delaware ($2.35), Missouri ($2.37), Oklahoma ($2.39), South Carolina ($2.40), Ohio ($2.40), Texas ($2.40), Louisiana ($2.42), Alabama ($2.43), Mississippi ($2.44) and Arkansas ($2.45).
The nation’s top 10 largest weekly decreases: Ohio (-12 cents), Michigan (-11 cents), Nebraska (-10 cents), Iowa (-10 cents), Indiana (-9 cents), Kansas (-9 cents), Delaware (-9 cents), Missouri (-9 cents), Kentucky (-9 cents) and Oklahoma (-9 cents).
At the close of Friday’s formal trading session on the NYMEX, WTI decreased 48 cents to settle at $60.19. Oil prices drifted lower this week, following the release of EIA’s report that total domestic oil inventories grew by 5.8 million bbl last week. They now sit at 431.8 million bbl, which is 25.3 million bbl less than inventories last year at this time. Crude inventories have grown for seven consecutive weeks because of reduced refinery runs while the nation settles into the lower demand fall driving season. A new all-time high estimate in domestic crude production since EIA began publishing the data – 11.6 million b/d – also contributed to last week’s build in crude inventories. Moving into this week, crude prices may drop further if supply concerns remain reduced due to continued growth in inventories.
As North America’s largest motoring and leisure travel organization, AAA provides more than 59 million members with automotive, travel, insurance and financial services through its federation of 35 motor clubs and nearly 1,100 branch offices across North America. Since 1902, the not-for-profit, fully tax-paying AAA has been a leader and advocate for safe mobility. Drivers can request roadside assistance, identify nearby gas prices, locate discounts, book a hotel or map a route via the AAA Mobile app. To join, visit AAA.com.
AAA provides automotive, travel, and insurance services to 59 million members nationwide and more than three million members in Ohio. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. AAA is a non-stock, non-profit corporation working on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel, and track their roadside assistance service with the AAA Mobile app (AAA.com/mobile) for iPhone, iPad and Android. For more information, visit www.AAA.com.