Ohio gas prices heading for $2 a gallon

VW independent/submitted information

Average retail gasoline prices in Ohio have risen 7.7 cents per gallon in the past week, averaging $1.93 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 11.9 cents per gallon in the last week to $1.93 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 29.8 cents per gallon lower than the same day one year ago and are 37.9 cents per gallon higher than a month ago. The national average has increased 23.9 cents per gallon during the last month and stands 50.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 14 in Ohio have ranged widely over the last five years: $2.23 per gallon in 2015, $3.70 per gallon in 2014, $3.73 per gallon in 2013, $3.83 per gallon in 2012 and $3.53 per gallon in 2011.

“The cheapest gas prices of the year are now solidly behind us as the national average will soon again hit $2,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “The current upward trend is an unfortunate one that we witness every year, but the sudden jolt this time around has been enhanced by a 45 percent jump in the price of crude oil in the last month.

“The large jump in crude oil prices comes amidst record oil inventories, yet it’s the mere threat that oil supply could be slashed from OPEC and non-OPEC countries at the same time oil demand is growing driving prices higher,” DeHaan added. “And while oil inventories sound staggering at over 500 million barrels, that number represents 26 days of U.S. oil consumption, a rise of three days versus inventories a year ago.

“At the end of the day, we expect this rally in gasoline prices to run for another month or two before stalling out,” DeHaan concluded. “Perhaps the best news? Motorists still could see the cheapest average summer gasoline prices in over a decade.”

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