Ohio gasoline prices fall again last week

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Average retail gasoline prices in Ohio have fallen 11.3 cents per gallon in the past week, averaging $2.11 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 3.2 cents per gallon in the last week to $2.30 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 53.9 cents per gallon higher than the same day one year ago and are 28 cents per gallon lower than a month ago. The national average has increased 1.9 cents per gallon during the last month and stands 46.6 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on January 23 in Ohio have ranged widely over the last five years: $1.57 per gallon in 2016, $1.91 per gallon in 2015, $3.31 per gallon in 2014, $3.27 per gallon in 2013, and $3.29 per gallon in 2012.

“Last week ended with President Trump’s Inauguration and we saw the benchmark WTI crude close up more than $1 per barrel from the previous day… Coincidence?” asks Gregg Laskoski, senior petroleum analyst for GasBuddy.

One of the first announcements made by the new Administration was its “America First Energy Plan”, which states that “Producing more energy is in America’s national security interest.” It also said: “President Trump is committed to achieving energy independence from the [Organization of Petroleum Exporting Countries] cartel and any nations hostile to our interests. At the same time, we will work with our [Persian] Gulf allies to develop a positive energy relationship as part of our antiterrorism strategy.”

While it’s too soon to speculate what such a plan might mean in the long term for prices at the pump, for now we expect another week of nominal decreases in retail gas prices,” added Laskoski. “Refineries are unloading winter-blend gasoline at ‘fire sale’ prices.”