Ohio gasoline prices fall this past week

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Average retail gasoline prices in Ohio have fallen 9.3 cents per gallon in the past week, averaging $2.27 per gallon on Sunday, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio. This compares with the national average, which has fallen 3.7 cents per gallon in the last week to $2.38 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 2.6 cents per gallon lower than the same day one year ago and are 4.3 cents per gallon lower than a month ago. The national average has increased 5.1 cents per gallon during the last month and stands 15.9 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 1 in Ohio have ranged widely over the last five years: $2.30 per gallon in 2016, $2.42 per gallon in 2015, $3.69 per gallon in 2014, $3.74 per gallon in 2013, and $3.73 per gallon in 2012.

“An oversupply of gasoline as refiners ramp up production will continue to exert downward pressure on prices at the pumps,” said Dan McTeague, GasBuddy senior petroleum analyst. “The national average gasoline price of $2.35 per gallon is a mere 14 cents higher than a year ago, down from a gap of nearly 40 cents just months ago.

“The expected bump in fuel demand doesn’t seem to be coming, leaving refineries with a lot of inventory that has yet to find a market,” McTeague added. “Gas prices appear poised to drop yet again this week.”