Lowest gasoline price decreases a nickel

VW independent/submitted information

Van Wert’s low gasoline price was down a nickel over last week — and was also lower than the state average by the same amount — according to prices provided by GasBuddy.com.

The city’s low gasoline price was at Murphy USA in the Towne Center shopping center: $2.57 per gallon. The two Pak-A-Sak Marathon stations on North Washington and South Shannon streets and the Lassus Handy Dandy station on North Washington were a penny higher at $2.58 per gallon, while the Shell station on South Washington and the One Stop Shop station in the 200 block of North Washington were another penny higher at $2.59 per gallon.

The Marathon station next to the Brookside Convenience Store and the Short Stop Sunoco station were both at $2.65 a gallon.

Gasoline prices in Ohio have fallen 7 cents per gallon in the past week, averaging $2.62 per gallon on Sunday, according to GasBuddy’s daily survey of 5,345 stations in Ohio. This compares with the national average, which has fallen 5.3 cents per gallon versus last week to $2.83 per gallon, according to GasBuddy.

Including the change locally during the past week, prices Sunday were 45.8 cents per gallon higher than a year ago and are 28 cents per gallon lower than a month ago. The national average has dropped 14.1 cents per gallon during the last month and stands 58.1 cents per gallon higher than a year ago.

“The threat of an escalating trade war with China and others took a back seat to one of the most anticipated OPEC meetings last week: OPEC agreed to increase oil production by just 600 thousand barrels a day, well short of expectations amidst a hot global and U.S. economy,” sad Patrick DeHaan, head of petroleum analysis at GasBuddy. “Crude oil prices responded by skyrocketing over 5 percent Friday while refined products, including gasoline, rose 2 percent.

“The worry is the rally may continue into this week as motorists prepare for the upcoming July 4 weekend,” said DeHaan. “The decision may lead to an abrupt end in recent gas price declines, or may slow it down, just as gasoline prices had been catching up to the prior slump in crude oil.

“I’m optimistic that we can avoid a $3 per gallon national average, but if gas prices were to mirror the gains in oil prices, a 5 percent gain would theoretically put us back at nearly $2.99 per gallon, not what you like to see any time, much less prior to the summer’s most popular holiday,” DeHaan added.