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 $2.15 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 0.5 cents per gallon in the last week to $2.12 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 28 cents per gallon lower than the same day one year ago and are 3.5 cents per gallon higher than a month ago. The national average has decreased 12.1 cents per gallon during the last month and stands 47.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 8 in Ohio have ranged widely over the last five years: $2.43 per gallon in 2015, $3.39 per gallon in 2014, $3.49 per gallon in 2013, $3.82 per gallon in 2012, and $3.59 per gallon in 2011.

“Government EIA data last week showed a sizable draw on gasoline inventory, followed by a strong jobs report, with new jobs for July reaching 255,000,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “And consequently, WTI crude oil ended the week nearly $3 higher than where it began.

“While that may create a brief pause early this week in the decline of retail gasoline, we expect that the prevailing price trend (incremental decline) will resume shortly, barring any additional refinery problems in the Midwest or potential Atlantic hurricane activity,” Laskoski added.