Gas prices continuing downward trend

Gasoline price information

Average retail gasoline prices in Ohio have fallen 3.2 cents per gallon in the past week, averaging $1.85 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 fallen 1.8 cents per gallon in the last week to $1.97 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 12.8 cents per gallon lower than the same day one year ago and are 2.4 cents per gallon lower than a month ago. The national average has decreased 3.8 cents per gallon during the last month and stands 15.6 cents per gallon lower than this day one year ago.

“The first week of January seems to be on par with prior years,” said Jeff Pelton, GasBuddy senior petroleum analyst. “History has shown that 12 of the past 16 Januarys have yielded the worst demand for the year.

“If Wednesday’s EIA report is indicative of things to come in the next 3 weeks, this January may prove to be no different,” Pelton added. “The tension between Saudi Arabia and Iran, while traditionally would cause a rise in oil prices, the times have changed and the incentive now is for the Saudis to pump away and keep Iran’s coffers as empty as they can.

“Add to the mix the turmoil in the Chinese financial markets, which has roiled the U.S. stock market and you should get gas prices which will decline through the month,” he said.

For a complete listing of current averages and other fuel price data, visit http://media.gasbuddy.com. For fuel news and alerts, follow @GasBuddyNews on Twitter.