Ohio gasoline prices increase last week

VW independent/submitted information

Average retail gasoline prices in Ohio have risen 8.2 cents per gallon in the past week, averaging $2.17 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 2.4 cents per gallon in the last week to $2.14 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 36.1 cents per gallon lower than the same day one year ago and are 21.9 cents per gallon higher than a month ago. The national average has increased 10.7 cents per gallon during the last month and stands 38.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on April 25 in Ohio have ranged widely over the last five years: $2.53 per gallon in 2015, $3.79 per gallon in 2014, $3.60 per gallon in 2013, $3.67 per gallon in 2012 and $3.85 per gallon in 2011.

“The oil markets this past week shrugged off OPEC’s inability to reach an agreement for production freezes at the highly-touted meeting in Doha, Qatar,” said Will Speer, Houston-based senior petroleum analyst for GasBuddy. “West Texas Intermediate crude futures responded to a brighter demand picture that perked prices up to $43.73 per barrel for Friday’s close.

“Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4 percent from last year and up 7.4 percent from 2014 according to their ‘product supplied’ demand indicator,” Speer added. “Unsurprisingly, this has impacted retail gasoline prices, causing 43 of the 50 states to raise prices from a week ago.

Speer noted that low prices have ignited the early demand surge this year, and the surge is expected to continue into the summer, where demand hits its peak for the year.