Ohio gasoline prices continue to increase

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Average retail gasoline prices in Ohio have risen 4 cents per gallon in the past week, averaging $2.43 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 increased six-tenths of a cent per gallon in the last week to $2.45 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 39.1 cents per gallon higher than the same day one year ago and are 7 cents per gallon higher than a month ago. The national average has decreased 8.9 cents per gallon during the last month and stands 25 cents per gallon higher than this day one year ago.

“Oil prices have rebounded in the last week, led higher by geopolitical tensions and declining inventories, leading gasoline prices in some parts of the country to make an unseasonable move higher,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “As refineries continue autumn maintenance, we may continue to see gasoline inventories under pressure, with a mixed bag of increases and decreases in the weeks ahead until the conclusion of such maintenance.

“Meanwhile, exports of crude oil and refined products continue to hit record levels, also weighing on markets,” DeHaan added. “Without the ability to export crude oil, inventories in the U.S. would have continued to increase, keeping pressure on oil prices, but without such protection, oil is flowing out of the U.S. at record pace.”