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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:

 

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.

 

TEDx Wilmington Salon

Who's in the Driver's Seat? The Transformation of Transportation

On Tuesday, October 17, 2017, AAA and TEDx Wilmington held the first TEDx Salon dedicated to ideas worth spreading in transportation.

This event had:

  • 12 live talks given by 13 speakers
  • 368 people in attendance at the live event
  • More than 7,500 viewed the event online through Livestream, viewing events, and on the AAA Associate network
  • Online viewers came from all 50 states and approximately 30 countries around the world

View a slideshow from the event

This TEDx WilmingtonSalon was organized in partnership with AAA

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