Gasoline prices rise; likely to continue

VW independent/submitted information

Average retail gasoline prices in Ohio have risen 9.5 cents per gallon in the past week, averaging $2.25 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 increased 1.7 cents per gallon in the last week to $2.22 a gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 36.9 cents per gallon lower than the same day one year ago and are 13.3 cents per gallon higher than a month ago. The national average has increased 10.9 cents per gallon during the last month and stands 48.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 16 in Ohio have ranged widely over the last five years: $2.62 per gallon in 2015, $3.74 per gallon in 2014, $3.70 per gallon in 2013, $3.71 per gallon in 2012 and $3.97 per gallon in 2011.

“As the national average for retail gas prices appeared to be headed for a week over week decrease, prices popped back up thanks to a late-week surge by Great Lake states,” said Will Speer, senior petroleum analyst with GasBuddy.com. “While pockets of significant gas price hikes were prevalent, especially in regions such as the Pacific Northwest and Rockies, 22 states actually had prices decrease.

“So, as states struggled to agree on the movement of gas prices, the national average barely moved as a result, only increasing a penny per gallon in one week’s time,” Speer added. “With the Memorial Day holiday two weeks away, it marks the kickoff to the summer driving season.”

Speer also noted that gasoline demand that has already been strong this year would undoubtedly see a huge seasonal increase in demand over the holiday weekend. That, paired with crude prices that continue to show signs of strength, are going to keep further pressure on gas prices this summer.