Ohio gasoline prices increased last week

VW independent/submitted information

Average retail gasoline prices in Ohio have risen 4.2 cents per gallon in the past week, averaging $2.08 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 fallen 2 cents per gallon in the last week to $2.13 per gallon, according to gasoline price website http://gasbuddy.com.

Including the change in gas prices in Ohio during the past week, prices yesterday were 24.9 cents per gallon lower than the same day one year ago and are 14 cents per gallon lower than a month ago. The national average has decreased 14.6 cents per gallon during the last month and stands 52.7 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 1 in Ohio have ranged widely over the last five years: $2.33 per gallon in 2015, $3.49 per gallon in 2014, $3.61 per gallon in 2013, $3.65 per gallon in 2012 and $3.65 per gallon in 2011.

“With July coming to a conclusion, the U.S. saw its average retail gas price fall 16 cents per gallon across the month, where the average price sits at $2.13 per gallon to start August,” said Will Speer, GasBuddy senior petroleum analyst. “As prices continue to fall in the heart of summer, motorists have been able to take advantage of the cheapest summer prices in over a decade. Demand for gasoline continues to surge as low prices have spurred more road trips and have swayed consumer vehicle purchasing habits.

“But despite high demand for gasoline, prices have continued to fall amidst an oversupply of gasoline across the country,” Speer added. “High gasoline inventories, which are up 11.8 percent from this time last year, will continue to be a thorn in the side of refiners and a boost for consumers as a seasonal downturn in gasoline demand is on the horizon after Labor Day.”