Gas prices down, but ready to increase?

Gasoline price information

Average retail gasoline prices in Ohio have risen 9.3 cents per gallon in the past week, averaging $1.64 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 2.5 cents per gallon in the last week to $1.80 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 40.3 cents per gallon lower than the same day one year ago and are 27.5 cents per gallon lower than a month ago. The national average has decreased 19.8 cents per gallon during the last month and stands 25.3 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on February 1 in Ohio have ranged widely over the last five years: $2.04 per gallon in 2015, $3.32 per gallon in 2014, $3.54 per gallon in 2013, $3.35 per gallon in 2012 and $3.09 per gallon in 2011.

“February looks to start the month with gasoline prices averaging under $1.80 a gallon nationally, the lowest level since January 16, 2009,” said Patrick DeHaan, GasBuddy.com senior petroleum analyst. “Crude oil prices have rebounded back above $30 per barrel in the last two weeks and with more talk of an organized cut in oil output between some of the world’s largest producers, there may be more upside potential in the future, should those talks pan out.

“For now, due to a lag time from rising oil prices,  gasoline prices in many areas may continue to drift lower, but don’t be caught by surprise if in a few weeks they revert and move higher,” DeHaan added. “Refiners have already begun some winter maintenance, and while supply of winter gasoline is abnormally high, once that inventory is liquidated, I fully expect gasoline prices to march higher.”

For live fuel price averages, visit http://media.gasbuddy.com.