Ohio gas prices drop to near $2 a gallon

Submitted information

Average retail gasoline prices in Ohio have fallen 1.1 cents per gallon in the past week, averaging $2.04 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 cents per gallon in the last week to $2.20 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 13.3 cents per gallon lower than the same day one year ago and are 18.1 cents per gallon lower than a month ago. The national average has decreased 1.9 cents per gallon during the last month and stands 2.8 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on October 31 in Ohio have ranged widely over the last five years: $2.17 per gallon in 2015, $2.94 per gallon in 2014, $3.32 per gallon in 2013, $3.40 per gallon in 2012 and $3.37 per gallon in 2011.

“Late last week OPEC members further discussed the unilateral production cut they hope to reach by the end of November and conflicting reports raise significant challenges to any consensus.  But, just that possibility continues to be a dominant factor in the direction of global crude oil prices and retail gasoline prices too,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“Through October we saw the benchmark WTI crude gradually rise from the mid-$40s and we also saw a streak that began in July 2014 –with the U.S. average price of gas positioned lower than the previous year for 119 consecutive weeks — end last week,” Laskoski added.

“Overall, market fundamentals suggest little price movement and perhaps just a nominal decrease in pump prices to begin November, with wholesale gasoline prices trending lower in recent weeks,” he said.