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Ohio gasoline prices decline on Sunday

VW independent/submitted information

Average retail gasoline prices in Ohio have fallen 11.2 cents per gallon in the past week, averaging $2.15 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 2.4 cents per gallon in the last week to $2.23 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 18.2 cents per gallon lower than the same day one year ago and are 2.9 cents per gallon lower than a month ago. The national average has increased 3.0 cents per gallon during the last month and stands 3.4 cents per gallon lower than this day one year ago.

Gasoline pump nozzle artwork 8-2016According to GasBuddy historical data, gasoline prices on October 17 in Ohio have ranged widely over the last five years: $2.33 per gallon in 2015, $3.13 per gallon in 2014, $3.43 per gallon in 2013, $3.53 per gallon in 2012, and $3.36 per gallon in 2011.

“October is a time we all expect gas prices to decline. Looking at the change in the U.S. average price for Octobers from 2015 to 2012, it’s dropped from October 1 to October 31 by 12, 34, 11, and 26 cents, respectively,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “That’s an average decrease of 20 cents per gallon during the last four Octobers.”

“But this month has proven to be an exception, with the national average still a few cents higher than where it was on October 1 at $2.22,” Laskoski added. “While the price increase of crude oil has stalled the expected price decrease for retail gasoline, problems at major refineries in Indiana, Texas, Louisiana, and California have adversely impacted supply as well.

“The most recent EIA report shows U.S. refinery output at just 85.5 percent, the lowest level since January 22, 2015,” Laskoski noted.

POSTED: 10/17/16 at 7:22 am. FILED UNDER: News