Refinery issues sends Ohio gas prices up

Gasoline price information

Average retail gasoline prices in Ohio have risen 45.0 cents per gallon in the past week, averaging $2.86 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 increased 8.5 cents per gallon in the last week to $2.68 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 54.0 cents per gallon lower than the same day one year ago and are 18.8 cents per gallon higher than a month ago. The national average has decreased 9 cents per gallon during the last month and stands 77.5 cents per gallon lower than this day one year ago.

“Obviously, the story about fuel prices last week was all about a massive spike in gasoline prices throughout the Midwest,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “Prices have risen in Great Lakes states at paces rivaling and exceeding prior records, which I would pin on an unexpected emergency shutdown of a unit at BP’s Whiting, Indiana, refinery.

“In addition, there have been other scheduled outages in the Midwest that may be leading to gasoline demand outpacing supply in the region, essentially causing panic on gasoline markets,” DeHaan said.

Hikes have been witnessed across many states, though the epicenter of gargantuan hikes was centered in Michigan, Indiana and Illinois, where prices raced up by over 50 cents a gallon in mere days. Also seeing spikes over 25 cents: Ohio, Wisconsin and Kentucky, while Minnesota, Oklahoma, Missouri, Kansas and Iowa saw prices jump over 10 cents a gallon.

“At this point, it does appear that most of the price shocks are behind us, though if there are any curve balls that hit the market, all bets are off,” DeHaan added. “Outside the Great Lakes, most regions are seeing gasoline prices decline. Leading decliners are New Jersey and Oregon, with Washington coming in third.”

For a complete listing of current averages and other fuel price data, visit http://media.gasbuddy.com. For fuel news and alerts, follow @GasBuddyNews on Twitter.