Ohio gas prices decrease a dime a gallon

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Average retail gasoline prices in Ohio have fallen 10.1 cents per gallon in the past week, averaging $1.97 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 4.9 cents per gallon in the last week to $2.15 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 7.7 cents per gallon lower than the same day one year ago and are 21.2 cents per gallon lower than a month ago. The national average has decreased 8.8 cents per gallon during the last month and stands 1.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on November 14 in Ohio have ranged widely over the last five years: $2.05 per gallon in 2015, $2.92 per gallon in 2014, $3.23 per gallon in 2013, $3.53 per gallon in 2012, and $3.36 per gallon in 2011.

“While it’s less than a week after the biggest upset in U.S. election history, energy industry experts are already speculating on what steps a Trump Administration might enact first; whether the earliest initiatives might eliminate regulations or perhaps look to increase domestic oil and gas production,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “The Keystone XL Pipeline, for instance, is expected to find itself in a more favorable environment for approval but it remains debatable whether such a development would directly benefit U.S. consumers.

“Over the next few weeks expect prices at the pump to move lower based on market fundamentals, not politics,” Laskoski added. “Inventories remain healthy and wholesale gasoline prices across the U.S. today, on average, are more than 10 cents per gallon lower than where they stood just a week ago.”