Gasoline prices go back down in Ohio

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Average retail gasoline prices in Ohio have fallen 8.3 cents per gallon in the past week, averaging $2.07 per gallon on Sunday, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio. This compares with the national average, which has fallen 0.7 cent per gallon in the last week to $2.20 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 13 cents per gallon lower than the same day one year ago and are 13.0 cents per gallon lower than a month ago. The national average has decreased 1 cent per gallon during the last month and stands 8.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on September 26 in Ohio have ranged widely over the last five years: $2.20 per gallon in 2015, $3.33 per gallon in 2014, $3.40 per gallon in 2013, $3.84 per gallon in 2012, and $3.31 per gallon in 2011.

Overall, gas prices across the U.S. begin the week moving lower in 40 of 50 states.

“It’s been almost a week since service has been restored to Colonial Pipeline’s Line #1, a major gasoline source for the southeast and Atlantic seaboard…” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “While it appears that retail gas prices have peaked in four of the six states hit hardest (Alabama, Georgia, North Carolina, South Carolina, Tennessee, and Virginia) by the pipeline damage and shutdown, and those averages are now ebbing lower, statewide averages continue to climb in two states: Tennessee ($2.16 per gallon) and Virginia ($2.10 per gallon). Those states’ averages were at $2.14 and $2.08, respectively, on September 20, the day before service was restored.

“While it appears that the worst may be behind us, we’re not out of the woods yet, where gasoline inventory levels are concerned,” he added. “The overall drop in gasoline inventory tied to Colonial Pipeline was approximately 8.5 million barrels. To put that in perspective, in the two weeks following Hurricane Katrina, east coast gasoline inventories shed 3.3 million barrels.”