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Ohio gas prices fall for Memorial Day

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Average retail gasoline prices in Ohio have fallen 5.4 cents per gallon in the past week, averaging $2.26 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 0.6 cents per gallon in the last week to $2.36 per gallon, according to gasoline price website GasBuddy.com.

Gasoline price graphic 8-2012Including the change in gas prices in Ohio during the past week, prices Sunday were 20.6 cents per gallon lower than the same day one year ago and are 0.9 cents per gallon lower than a month ago. The national average has decreased 1.9 cents per gallon during the last month and stands 3.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 30 in Ohio have ranged widely over the last five years: $2.47 per gallon in 2016, $2.62 per gallon in 2015, $3.86 per gallon in 2014, $3.65 per gallon in 2013, and $3.63 per gallon in 2012.

“With the summer driving season officially started, gasoline prices stand just a few cents higher than where they started last summer, an impressive feat,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Surprisingly, Ohio, Indiana, Illinois, Michigan, Georgia, Kentucky, Tennessee, North Carolina, South Carolina, Alabama, Maine, Missouri, and Iowa just witnessed the cheapest Memorial Day at the pump since 2005, a major feat.

“With the national average now seeing minor decline and roughly at the same point it was a week ago, summer gas prices are shaping up to be quite a bit lower than previous expectations and similar to what we saw last summer,” DeHaan added. “This sets up a great summer season to hit the road, pointing to rising U.S. oil production in the midst of oil production cuts from OPEC for the stable prices.”

POSTED: 05/30/17 at 7:38 am. FILED UNDER: News