Ohio gasoline prices take tick upward

VW independent/submitted information

Average retail gasoline prices in Ohio have risen 10.6 cents per gallon in the past week, averaging $2.18 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 1.6 cents per gallon in the last week to $2.20 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 47.4 cents per gallon lower than the same day one year ago and are 35.1 cents per gallon lower than a month ago. The national average has decreased 13.8 cents per gallon during the last month and stands 55.7 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 18 in Ohio have ranged widely over the last five years: $2.65 per gallon in 2015, $3.47 per gallon in 2014, $3.61 per gallon in 2013, $3.49 per gallon in 2012 and $3.59 per gallon in 2011.

“Summer travel is up, and yet, gas prices continue to decline?” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “We know that seems perplexing for many, but that’s exactly what’s happening and it all comes down to those most basic fundamentals; supply and demand.

“Despite fuel consumption near record levels, U.S. gasoline inventory recently reached the highest July level ever recorded (240.1 million barrels) and, concurrently, the national average has continued its consistent decline,” he added.