AAA: Average gas prices fall 10 cents

Average price during the week of May 15, 2023: $3.603

Average price during the week of May 23, 2022: $4.482

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

$3.587 — Athens

$3.522 — Chillicothe

$3.603 — Jackson

$3.496 — Logan

$3.597 — Marietta

Trend analysis

As Memorial Day travel weekend approaches, gas prices are relatively stable, increasing a penny over the past week to $3.54 for a gallon of regular unleaded. A decline in demand and the low cost of oil are the main factors. Today’s national average is 13 cents less than a month ago and $1.05 less than a year ago.

According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 to 8.91 million barrels per day last week. The drop has reduced pressure on pump prices. Meanwhile, total domestic gasoline stocks decreased by 1.4 million barrels to 218.3 million barrels.

At the close of Wednesday’s formal trading session, West Texas Intermediate increased by $1.97 to settle at $72.83. Oil prices rose amid growing market optimism that global energy demand is rebounding, particularly since China is recovering faster than originally expected following the lifting of its COVID restrictions. Additionally, the EIA reported that total domestic commercial crude inventories increased by 5 million barrels to 467.6 million barrels last week.

Motorists can find current gas prices nationwide, statewide, and countywide at gasprices.aaa.com

AAA East Central is a not-for-profit association with 69 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.