Gas prices average $1.50/gallon in Ohio

Gasoline price information

Average retail gasoline prices in Ohio have fallen 12.8 cents per gallon in the past week, averaging $1.50 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 5.2 cents per gallon in the last week to $1.74 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices yesterday were 74.5 cents per gallon lower than the same day one year ago and are 39.8 cents per gallon lower than a month ago. The national average has decreased 24.6 cents per gallon during the last month and stands 43.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on February 8 in Ohio have ranged widely over the last five years: $2.24 per gallon in 2015, $3.22 per gallon in 2014, $3.60 per gallon in 2013, $3.40 per gallon in 2012 and $3.11 per gallon in 2011.

“Gasoline prices continue to plunge coast to coast as refiners continue to churn out winter-spec gasoline that will soon need to be purged,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “While crude oil prices have held above recent lows, gasoline fundamentals continue to be remarkably weak as refiners continue to churn out winter-spec gasoline, incentivized by cheap crude oil.

“This has put retail gasoline prices under tremendous pressure as gasoline inventories rise to their highest January level since records started in 1990,” DeHaan added. “Refiners will continue selling any winter spec gasoline at bargain basement prices to rid themselves of it before specifications change heading into summer.

DeHaan noted that, in the days ahead, consumers can expect this seasonal “clearance sale” of gasoline to continue, leading to lower prices in most areas.

“But don’t get too relaxed,” he added. “The shift in specifications will lead to an eventual lift in prices once winter gasoline is gone.”