Gasoline prices up, but likely to fall again

VW independent/submitted information

Average retail gasoline prices in Ohio have risen 3.0 cents per gallon in the past week, averaging $2.16 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 increased 3.7 cents per gallon in the last week to $2.16 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 55.1 cents per gallon lower than the same day one year ago and are 8.4 cents per gallon higher than a month ago. The national average has decreased 0.5 cents per gallon during the last month and stands 45.5 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 22 in Ohio have ranged widely over the last five years: $2.71 per gallon in 2015, $3.39 per gallon in 2014, $3.42 per gallon in 2013, $3.68 per gallon in 2012, and $3.49 per gallon in 2011.

“With the benchmark WTI crude climbing more than $8 per barrel since the beginning of the month to $48 per barrel and Brent above $50, we should not be surprised to see the average price of gas in many areas nearly 5 cents higher than it was a week ago,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “While wholesale gasoline prices reflect the run-up for crude, it may be short-lived since the clock is ticking on the rally for retail prices with just two weeks left before the Labor Day weekend and summer’s official end.

“So consumers should be prepared for modest increases this week that may actually taper off as we approach the holiday weekend,” he added.