October 23, 2013
South Central Ohio gas prices increased almost seven cents this week, according to AAA East Central. A gallon of gasoline now averages $3.36.
On the National Front
Today’s national average price for regular unleaded gasoline is $3.35 per gallon. This price is fractions of a penny less expensive than one week ago, 18 cents less than one month ago and 44 cents less than the same day last year.
The continuing federal government shutdown and looming deadline to address the debt ceiling still hang over markets; however reports of progress in discussions on both topics over the weekend and today have helped to stabilize prices. Markets have declined in recent weeks, reflecting concern over the heated impasse in Washington. However the larger drop that would be expected to accompany a prolonged shutdown or default on U.S. debt obligations has not yet taken place. This suggests that traders are following the assumption that an agreement will ultimately be reached even if it comes at the eleventh hour. With the window closing to raise the debt ceiling or face default, this will be a story to watch closely in the days ahead. Should discussions break-down, and an agreement not be reached, commodities and equities markets could move sharply lower.
The national average price of gasoline has fallen more than 30 cents (eight percent) from $3.67 per gallon on July 19; however the price of West Texas Intermediate (WTI) crude oil has remained elevated above $100 per barrel. This streak continued Monday as WTI settled 39 cents higher at $102.41 per barrel at the close of formal trading on the NYMEX.
AAA continues to expect that national gas prices will fall in the coming months due to sufficient supplies, flat demand and cheaper winter-blend gasoline; however if crude oil prices remain elevated, it would provide a fundamental floor of how low gas prices can ultimately go.
This week’s South Central Ohio average price:
Average price during the week of October 8, 2013:
Average price during the week of October 16, 2012:
The following is a list of the average price of unleaded self-serve gasoline in various areas:
Washington Court House
AAA East Central is a not-for-profit association with 82 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.7 million members.