Ohio gasoline prices increase over week

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Average retail gasoline prices in Ohio have risen 8.3 cents per gallon in the past week, averaging $2.33 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 2.1 cents per gallon in the last week to $2.35 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 4.7 cents per gallon lower than the same day one year ago and are 5.8 cents per gallon lower than a month ago. The national average has decreased 7 cents per gallon during the last month and stands 6.9 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on May 22 in Ohio have ranged widely over the last five years: $2.38 per gallon in 2016, $2.74 per gallon in 2015, $3.76 per gallon in 2014, $3.80 per gallon in 2013, and $3.63 per gallon in 2012.

“Due to a $3 per barrel surge in crude oil prices in the last week, gasoline prices have been moving higher across a good portion of the U.S.,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Optimism surrounding a likely deal to renew OPEC’s production cuts is pushing oil prices higher, but also the possibility that non-OPEC countries may join in has led to a dramatic turnaround in oil prices recently, with WTI crude oil climbing back over $50 per barrel for the first time since late April.

“The timing is impeccable for OPEC — tighten the market as summer driving season hits? Of course, but if global oil inventories don’t soon reflect the lower output it will eventually mean more struggles for oil down the road, so we’re staying tuned,” DeHaan added.