Gas prices rise, but should go back down

Gasoline price information

Average retail gasoline prices in Ohio have risen 12.7 cents per gallon in the past week, averaging $2.61 per gallon Sunday, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio. This compares with the national average, which has increased 5 cents per gallon in the last week to $2.71 a gallon, says gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 111.2 cents per gallon lower than the same day one year ago and are 18.2 cents per gallon higher than a month ago. The national average has increased 26.9 cents per gallon during the last month and stands 94.0 cents per gallon lower than this day one year ago.

“The rise we’ve seen in the national average over the month is showing signs of fading,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Crude oil prices have fallen from their 2015 highs and currently stand some $2 per barrel lower at $59 a barrel.

“While higher demand is expected for this Memorial Day weekend, crude oil inventories remain plentiful and stand some 86 million barrels higher than a year ago,” DeHaan added. “That reminder could inspire some selling in crude oil, as could bearish comments recently made by OPEC, or data showing that the 24-week decline in oil rigs is greatly slowing down.”

Monthly comparisons show all 50 states seeing higher prices than they experienced four weeks ago, with the largest jumps taking place in Ohio, Michigan and California, where prices moved up by at least 10 cents a gallon.

Meanwhile, all 50 states are seeing prices that are lower today than a year ago, with the biggest drops in Michigan, Indiana and Kentucky, where prices stand over $1.12 a gallon lower. Meanwhile, the smallest drops versus a year ago can be found in California, Nevada and Utah, where prices are 33, 49 and 62 cents lower, respectively, than last year.