Gas prices drop, but likely to rise again

VW independent/submitted information

Average retail gasoline prices in Ohio have fallen 12.2 cents per gallon in the past week, averaging $2.16 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 0.8 cents per gallon in the last week to $2.21 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 33.7 cents per gallon lower than the same day one year ago and are 13.6 cents per gallon higher than a month ago. The national average has increased 16.8 cents per gallon during the last month and stands 45.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 9 in Ohio have ranged widely over the last five years: $2.50 per gallon in 2015, $3.74 per gallon in 2014, $3.62 per gallon in 2013, $3.70 per gallon in 2012, and $4.01 per gallon in 2011.

“While it’s rare in May to see the national average price of gasoline nearly two cents lower from the previous week, we’ve seen that retail gasoline has consistently matched West Texas crude oil’s increases and subsequent plateaus since February,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“In 2015, we saw the national average peak in June and the year before it peaked in April, so while the current plateau may seem encouraging for motorists, we still expect rising consumer demand to elevate gasoline prices as we approach the beginning of the summer driving season.”