Gasoline prices dip with lower oil prices

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Average retail gasoline prices in Ohio have fallen 7.4 cents per gallon in the past week, averaging $2.13 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 1.3 cents per gallon in the last week to $2.29 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices yesterday were 19.9 cents per gallon higher than the same day one year ago and are 1.7 cents per gallon higher than a month ago. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 13 in Ohio have ranged widely over the last five years: $1.93 per gallon in 2016, $2.25 per gallon in 2015, $3.64 per gallon in 2014, $3.74 per gallon in 2013, and $3.84 per gallon in 2012.

“A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “With little warning or expectation, crude oil last week broke out of the rut it had well established, with crude prices falling out of a three-month range of $51-$54 per barrel to $49.

“Fundamentals of oil have weakened, and with last week’s large 8.2-million barrel rise in crude oil inventories, the market has turned decidedly bearish for now, DeHaan added. “Naturally, when oil prices take a beating such as they did last week, one might expect gasoline prices to move in lockstep, but due the complex relationship of oil and gasoline prices and the middleman — U.S. refineries — motorists may not see as large a decline at the pump as they may hope for — but certainly stay tuned.

DeHaan noted that he remained optimistic that the annual spring rally at the pump could be less severe than expected, but remained cautious, as it remains difficult to know where the new path will lead oil prices in the week ahead.