Ohio’s gasoline prices on downward trend

VW independent/submitted information

After several weeks of rising gasoline prices, Ohio — and Van Wert County — is seeing a welcome decrease in fuel prices. Furthermore, it’s a situation that analysts say is likely to continue for some time.

Average retail gasoline prices in Ohio have fallen 14.8 cents per gallon in the past week, averaging $2.34 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 2.4 cents per gallon in the last week to $2.31 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 49.1 cents per gallon lower than the same day one year ago and are 17.2 cents per gallon lower than a month ago. The national average has decreased 1.3 cents per gallon during the last month and stands 47.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on June 27 in Ohio have ranged widely over the last five years: $2.83 per gallon in 2015, $3.66 per gallon in 2014, $3.38 per gallon in 2013, $3.35 per gallon in 2012 and $3.32 per gallon in 2011.

“The national average price of gasoline has now slipped nearly 10 cents lower than the 2016 peak, to-date, of $2.39 per gallon, bringing greater likelihood that prices for the Fourth of July weekend will be even lower than where they now stand,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “And if there was any doubt about the direction of retail gasoline, ‘Brexit’s impact — strengthening the U.S. dollar; weakening European currencies and weakening global crude oil prices — is expected to add even more downward pressure to summer gas prices, despite record-setting demand (9.81 million barrels per day for the week ending June 17).”