Ohio gasoline prices up a bit last week

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Average retail gasoline prices in Ohio have risen 2.2 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 that has increased 0.5 cents 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 32.8 cents per gallon higher than the same day one year ago and are 9.2 cents per gallon higher than a month ago. The national average has increased 0.8 cents per gallon during the last month and stands 54.3 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on February 27 in Ohio have ranged widely over the last five years: $1.80 per gallon in 2016, $2.29 per gallon in 2015, $3.50 per gallon in 2014, $3.84 per gallon in 2013, and $3.65 per gallon in 2012.

“With refinery maintenance and turnarounds beginning across the country, we’ll likely see a draw down on winter gasoline stocks, leading the national average to rise in the week ahead,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Despite oil prices that remain range bound in the low to mid-$50s per barrel, refinery status and the likely draw in inventories will win this week’s tug of war at the pump, keeping upward pressure on gasoline prices.

“In addition, unexpected refinery outages could cause additional volatility or spikes in prices over the next two months due to the limited ability for other refiners to help offset any production losses while performing their planned maintenance,” DeHaan noted.