Iran accord could lower gas prices again

Gasoline price information

Average retail gasoline prices in Ohio have risen 9.2 cents per gallon in the past week, averaging $3.24 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 5.1 cents per gallon in the last week to $3.26a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 27.6 cents per gallon lower than the same day one year ago and are 0.8 cents per gallon higher than a month ago. The national average has decreased 5.4 cents per gallon during the last month and stands 17.4 cents per gallon lower than this day one year ago.

“The national average has seen its bounce continue in the last week across most of the nation,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Some of the lows we saw just a couple weeks ago have vanished, replaced by higher digits as oil prices rallied.

“It will be an interesting week ahead as some notable progress emerged after developed countries came to a partial solution on Iran’s nuclear ambitions,” DeHaan noted. “Just that action alone may result in significant downward pressure on oil prices as tough sanctions may soon be eased, allowing Iran’s oil to flood an already well-supplied marketplace.”

About GasBuddy

GasBuddy operates OhioGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app that has been downloaded over 25 million times to help motorists find the lowest gasoline prices in their area.