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Gasoline prices stay surprisingly stable

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Average retail gasoline prices in Ohio have fallen 6.1 cents per gallon in the past week, averaging $2.12 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 nine-tenths of a cent per gallon in the last week to $2.28 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 18.8 cents per gallon higher than the same day one year ago and are eight-tenths of a cent per gallon higher than a month ago. The national average has decreased six-tenths of a cent per gallon during the last month and stands 24 cents per gallon higher than this day one year ago.

Gasoline price graphic 8-2012According to GasBuddy historical data, gasoline prices on March 27 in Ohio have ranged widely over the last five years: $1.93 per gallon in 2016, $2.43 per gallon in 2015, $3.62 per gallon in 2014, $3.64 per gallon in 2013, and $3.89 per gallon in 2012.

“Remarkably, for a third straight week, average gasoline prices have declined; in fact, for just the first time since 2009, average gasoline prices today stand cheaper than on February 15 — traditionally the day of the lowest gasoline prices of the season,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

“This feat has been accomplished for several reasons: First, weak gasoline demand, which has kept inventories of winter gasoline far more than adequate; second, there have been few large-scale unexpected refinery outages; and third, crude oil inventories and rising U.S. production have kept oil prices under pressure over the last month.

“All three of these factors are actively at play and will continue to keep pressure on prices from spiking,” DeHaan added. “More alarming, however, is that while gasoline prices have drifted lower, the gas price spread between stations has been rising, and stands 5 percent higher nationally versus last year.

“So while motorists may be feeling less pressure with stable gas prices, that false sense of security may be getting in the way of finding a gas station selling at a far lower price,” he noted. “As always, motorists should be shopping around to be aware of lower-priced offerings.”

POSTED: 03/27/17 at 7:13 am. FILED UNDER: News