Gas prices up again, but should fall soon

Gasoline price information

Average retail gasoline prices in Ohio have risen 5.4 cents per gallon in the past week, averaging $2.76 per gallon on Sunday, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio. This compares with the national average that has increased 0.4 cents per gallon in the last week to $2.75 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices yesterday were 117.6 cents per gallon lower than the same day one year ago and are 33.3 cents per gallon higher than a month ago. The national average has increased 14.8 cents per gallon during the last month and stands 92.8 cents per gallon lower than this day one year ago.

“Gasoline prices are poised to begin declining at a faster pace after staying relatively steady across much of the U.S. this past week,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While oil prices saw a major jump last Friday, I do not believe it will interrupt expected relief that will soon show up at many pumps across the country.

“Fundamentally, oil prices in the $60s are overvalued and with production of crude oil remaining at multi-decade highs, we will not see the national average advance much past where it already has been,” DeHaan added. “In fact, where gasoline prices have soared the most in the last two months, coming relief will be notable, and peak gasoline prices in many places have already been observed.

“With forecasts pointing to a quiet hurricane season, the latter months of the summer look ideal for hitting the road,” DeHaan concluded.