AAA: Ohio gas prices increase as oil continues to climb

Feb. 16—The average price of gasoline across South Central Ohio is two cents higher this week at $2.461 per gallon, according to AAA East Central's Gas Price Report.

This week's average prices: South Central Ohio Average: $2.461

Average price during the week of February 8, 2021, $2.445

Average price during the week of February 18, 2020, $2.384

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

$2.497 Athens

$2.459 Chillicothe

$2.259 Columbiana

$2.425 East Liverpool

$2.581 Gallipolis

$2.419 Hillsboro

$2.491 Ironton

$2.420 Jackson

$2.454 Logan

$2.574 Marietta

$2.471 Portsmouth

$2.423 Steubenville

$2.496 Washington Court House

$2.481 Waverly

Pump prices continue to move upward, despite low demand. This is the result of increasing oil prices, which settled at $59.47/barrel at the end of Friday's formal trading session (West Texas Intermediate). Crude oil accounts for more than 50 cents of every dollar spent at the pump, and prices have been increasing since the beginning of the year. Today's price for crude is about $4 less than last year's most expensive price of $63.27/barrel (on January 6, 2020).

Today's national gas price average is $2.51. Nearly 40 state averages are already more than they were last year, with half of those averages seeing double-digit increases. Demand has averaged 7.7 million b/d since January. The last time it measured below 8 million b/d during the first six weeks of the year was 2001.

Precisely how expensive gas will get this year is largely dependent on crude price and demand. The price of crude is still $10 — $12/barrel lower than when the national average neared $3/gallon in 2018. Barring any outstanding or unforeseen circumstances, AAA believes that there would have to be a major spike in demand (returning to normal peak driving season levels) and sustained crude oil prices for gasoline prices to reach that high this year.