Ohio gasoline prices fall a bit last week

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Average retail gasoline prices in Ohio have fallen 4.6 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 2.1 cents per gallon in the last week to $2.33 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 10.5 cents per gallon higher than the same day one year ago and seven-tenths of a cent per gallon lower than a month ago. The national average has increased 7.3 cents per gallon during the last month and stands 21.6 cents per gallon higher than this day one year ago.

“For the third straight week, gasoline prices have accelerated, with the national average at its highest level in over eight weeks, driven by rising oil prices as inventories continue to tighten and concern over Venezuela lingers,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Looking behind us, however, gas prices have remained in a relatively tight range for the last year, staying within a 30-cent-wide range.

“While we’re likely to see gas prices continuing to move higher in the week ahead as they catch up to oil, we’re unlikely to break out of the well-established rut in the national average, which has kept prices between $2.12 and $2.42 for the last 15 months,” DeHaan added.