Gas prices drop, but for how long?

VW independent staff/submitted information

At least for now, there’s good news at gas pumps locally and throughout the state.

Average gasoline prices in Ohio have fallen 10.5 cents per gallon in the last week, averaging $2.76 per gall on Monday, according to GasBuddy’s survey of 5,345 stations in Ohio. Prices in Ohio are 6.8 cents per gallon lower than a month ago and stand 59.5 cents per gallon lower than a year ago. The national average price of diesel has decreased 1.9 cents in the last week and stands at $3.629 per gallon.

As of Monday night, gas prices ranged from $2.67 per gallon at several stations, to a high of $2.99 for self-serve regular.

According to GasBuddy price reports, the cheapest station in Ohio was priced at $2.24 per gallon on Monday while the most expensive was $3.39 per gallon, a substantial difference of $1.15 a gallon.

The national average price of gasoline has fallen 3.8 cents per gallon in the last week, averaging $3.04 per gallon on Monday. The national average is down 4.7 cents per gallon from a month ago and stands 29.9 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

While pump prices have fallen in recent days, prices will likely rise at some point in the future, although just how much is unknown.

“Gasoline prices in the U.S. have edged slightly lower over the past week, even as geopolitical tensions intensify, with the Trump administration promising tariffs that could not only create economic uncertainty but also impact what some motorists pay at the pump in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Given the volatility surrounding the tariff situation, forecasting fuel prices remains challenging, as uncertainty lingers over the timing and scope of these tariffs, which the Trump administration has suggested will soon take effect. This comes on top of ongoing concerns about the Russian invasion of Ukraine and discussions of a potential deal to end the war. While OPEC has signaled its intent to stabilize the market, policy decisions from the White House could introduce further uncertainty, making it difficult to predict where prices will head next. However, nearly every year sees a seasonal spring increase, which could eventually push prices higher ahead of summer.”

Historical gasoline prices in Ohio and the national average going back ten years:

March 3, 2024: $3.35/g (U.S. Average: $3.34/g)

March 3, 2023: $3.30/g (U.S. Average: $3.37/g)

March 3, 2022: $3.69/g (U.S. Average: $3.76/g)

March 3, 2021: $2.70/g (U.S. Average: $2.74/g)

March 3, 2020: $2.24/g (U.S. Average: $2.42/g)

March 3, 2019: $2.34/g (U.S. Average: $2.43/g)

March 3, 2018: $2.39/g (U.S. Average: $2.53/g)

March 3, 2017: $2.25/g (U.S. Average: $2.32/g)

March 3, 2016: $1.91/g (U.S. Average: $1.80/g)

March 3, 2015: $2.44/g (U.S. Average: $2.44/g)