Gasoline prices continue to decrease

Gasoline price information

Average retail gasoline prices in Ohio have fallen 7.9 cents per gallon in the past week, averaging $3.47 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 3.7 cents per gallon in the last week, to $3.61 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 17.9 cents per gallon lower than the same day one year ago and are 40.6 cents per gallon lower than a month ago. The national average has decreased 4.3 cents per gallon during the last month and stands unchanged compared to this day one year ago.

“The last two weeks have seen some large drops in oil prices and gasoline spot prices — a very exciting thing to see in the middle of the summer driving season,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Motorists have some nice relief coming at the pump to look forward to in the next week to two as these drops make it to retail outlets.

“Over the next week, the national average will fall back under $3.50 a gallon, something we haven’t seen since April, and will also drop under last year’s average in the next few days,” DeHaan added. “There is also the possibility for further declines if we don’t see a hurricane or geopolitical tensions ruin things.

“I’d caution motorists, as we expect these large decreases, to only buy the amount of gasoline they immediately need as prices drop, and to shop around as price gaps between stations widen because of the quick decrease in wholesale gas price,” DeHaan advised. “Some stations will be buying the cheaper gasoline and passing on savings faster, leading to a wide array of gas prices.”

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.