Ohio’s gas prices fall 17 cents last week

VW independent/submitted information

Average retail gasoline prices in Ohio have fallen 17.1 cents per gallon in the past week, averaging $2.51 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 4.5 cents per gallon in the last week to $2.34 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 24.1 cents per gallon lower than the same day one year ago and 10.4 cents per gallon higher than a month ago. The national average has increased 6.1 cents per gallon during the last month and stands 46 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on June 20 in Ohio have ranged widely over the last five years: $2.75 per gallon in 2015, $3.78 per gallon in 2014, $3.63 per gallon in 2013, $3.58 per gallon in 2012 and $3.47 per gallon in 2011.

“The price of crude oil, which had been gaining steam leading up to June, has now experienced a sustained downturn over the last couple of weeks,” said Will Speer, GasBuddy senior petroleum analyst. “As crude oil prices have cooled off, the impact is finally being felt in the retail gasoline sector, where the national average for gasoline fell over 5 cents per gallon in one week’s time.

“No area has seen this impact more pronounced than the Great Lakes states, where Indiana and Ohio saw their gas prices fall over 15 cents per gallon in one week,” Speer added. “As EIA demand data for gasoline hit a new weekly record, it makes the declining price even more impressive.

“This week, energy markets will be anxiously awaiting the outcome of whether the UK will remain in the European Union,” he said. “Uncertainty over the stability of the EU could impact crude and American gas prices.”