“For nearly a year, motorists have been saving 53 cents a gallon, on average, when filling up their gas tanks. That extra pocket change is quickly going to dwindle thanks to rising crude oil prices that have made for more expensive pump prices,” said Jenifer Moore, AAA spokeswoman.

Here in Ohio, though, motorists are still enjoying a year-over-year savings.

Though gas prices are on the rise, today's statewide average is $2.34 - seven cents cheaper than a year ago on this same date.

State by State

Ten states are already carrying more expensive gas prices compared to a year ago, including: Delaware (+23 cents), Maryland (+9 cents), Iowa (+6 cents) and Indiana (+6 cents). On the other side of the coin, nearly 12 states still have gas price averages that are as much as 38 cents a gallon less than this time last year.

While cheaper year-over-year, the national average increased by two cents on the week and is now 17 cents more expensive than last month. The national average continued to climb this past week despite a drop in gasoline demand and refinery utilization. According to the latest Energy Information Administration (EIA) measurements, demand declined from 8.11 million b/d to 7.83 million b/d and total refinery utilization decreased from 82.5 percent to 81.7 percent over last week. These decreases led to an increase in gasoline supply of 2.4 million bbl.

Typically, these factors (decrease in demand, increase in supply) drive a decrease at the pump, but sustained crude oil prices are pushing the increase. For three weeks, crude continues to price between $52–$53/bbl, steady price points not seen since mid-February 2020. Gas prices are expected to continue to increase as crude oil prices remain at these price points.

GAS PRICES FROM AAA

Average price per gallon of self-serve, regular gasoline.

Gas prices provided by AAA, https://gasprices.aaa.com/

Quick Stats

• The nation’s top 10 largest weekly increases: Michigan (+12 cents), Indiana (+10 cents), North Carolina (+8 cents), Idaho (+5 cents), Illinois (+5 cents), Oklahoma (+4 cents), California (+4 cents), Nevada (+4 cents), Tennessee (+4 cents) and Vermont (+3 cents).
• The nation’s top 10 most expensive markets: California ($3.41), Hawaii ($3.32), Washington ($2.83), Nevada ($2.77), Pennsylvania ($2.70), Oregon ($2.69), Washington, D.C. ($2.59), Alaska ($2.59), Illinois ($2.59) and New Jersey ($2.56).

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 14 cents to settle at $52.20. Price gains were limited last week by ongoing market concern that crude demand may take more time than expected to recover in 2021 due to new coronavirus infections and associated travel restrictions. However, EIA’s new weekly report prompted crude price increases earlier in the week after it showed total domestic crude inventories declined by 9.9 million bbl to 476.7 million bbl, which is the largest weekly decline since late July 2020. For this week, crude prices may continue to drop if market concern regarding demand continues to grow.

AAA provides automotive, travel, and insurance services to 60 million members nationwide and nearly two and a half 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.

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