Jenifer Moore
Public Affairs Specialist, OH
O: (513) 762-3105 ext. (5503105)
C: (513) 401-4911
jmoore1@aaa-alliedgroup.com
The Week
As over 45 million Americans and nearly two million Ohioans hit the roads this week for the Thanksgiving holiday, motorists filled up their tanks paying the highest gas prices for the holiday since 2014. With most travelers returning home today through Sunday, many will be paying lower prices at the pump than when they filled up their vehicles, before their trip.
Today’s national gas price average is $2.52 per gallon, which is four cents lower compared to a week ago, but six cents higher than one month ago and 39 cents per gallon more than the price this time last year.
Ohioans returning home will find the average price for gas five cents lower than the national average at $2.47 per gallon, which is 12 cents less than last week, but nine cents more than last month and 43 cents higher than last year on this date.
West Texas Intermediate crude oil prices rallied this week with the commodity settling above $58 per barrel for the first time since June 2015 at $58.02 on Wednesday. (Markets were closed Thursday, due to the Thanksgiving holiday.) Driving the rally was the latest data from the Energy Information Administration’s (EIA) weekly report showing crude stocks down for the week and below last year’s level, as well as a drop in inventories at the Cushing, Oklahoma terminal due to the Keystone Pipeline leak.
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline
|
|
11/24/17
|
Week Ago
|
Month Ago
|
Year Ago
|
|
|
National
|
$2.52
|
$2.56
|
$2.46
|
$2.13
|
|
|
Ohio
|
$2.47
|
$2.59
|
$2.38
|
$2.04
|
|
|
Cincinnati
|
$2.48
|
$2.65
|
$2.40
|
$2.09
|
|
|
Dayton
|
$2.42
|
$2.63
|
$2.34
|
$2.01
|
|
|
Toledo
|
$2.53
|
$2.62
|
$2.36
|
$2.02
|
|
|
Crude Oil
|
$58.02
per barrel
(Thursday, 11/22/17 - market closed on 11/23/17
due to Thanksgiving)
|
$55.33
per barrel
(Thursday, 11/15/17)
|
$51.90
per barrel
(10/23/17 - market closed Sunday, 10/22/17)
|
$48.03
per barrel
(11/22/16)
|
|
The Weekend
“Traditionally the end-of-the-year demand for gasoline declines,” said Jenifer Moore, AAA spokeswoman. “Prices should continue to decline in the weeks ahead; however, many variables including the price of oil could reverse the trend.”
The Week Ahead
Because the demand for gasoline typically declines this time of year so gas prices should continue dropping for the remainder of the year and leading in 2018. However, all eyes will be on the upcoming OPEC meeting on November 30 in which member and non-member countries will decide whether they will extend oil production cuts beyond their March 2018 agreement. Based on pre-meeting talks, Russia and OPEC appear agreeable about extending the agreement.
AAA has a variety of resources to help motorists save on fuel:
- Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
- AAA Gas Cost Calculator (GasPrices.AAA.com/AAA-gas-cost-calculator/) helps budget travel expenses.
- TripTik Mobile (AAA.com/mobile) plots fuel prices along your travel route.
- AAA's Member Rewards Visa® Credit Card (AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.
AAA provides automotive, travel, and insurance services to 58 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 not-for-profit, fully tax-paying member organization works 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.