Ironton above state average

The average price of gasoline across South Central Ohio is nine cents lower this week at $3.378 per gallon, according to AAA East Central’s Gas Price Report.

• Average price one week ago: $3.464

• Average price one year ago: $3.845

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

• $3.550  – Athens

• $3.321 – Chillicothe

• $3.366 – Gallipolis

• $3.501 – Ironton

• $3.453 – Jackson

• $3.392 – Logan

• $3.316 – Portsmouth

• $3.454 –  Waverly

The decline in pump prices accelerated a bit since last week, with the national average falling 11 cents to $3.70. The primary reasons are slack demand and the lower cost of oil, which is hovering near $85 per barrel. Today’s national average is 12 cents less than a month ago and 21 cents less than a year ago.

According to new data from the Energy Information Administration, gas demand dropped significantly from 8.62 to 8.01 million barrels per day last week. On the other hand, total domestic gasoline stocks increased substantially by 6.5 million barrels to 227 million barrels. Growing supply, amid low demand, has pushed pump prices down.

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. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.