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Gas prices soar compared to this time last year

By Norwalk Reflector staff • May 29, 2018 at 8:00 PM

Average retail gasoline prices in Ohio have not moved in the past week, averaging about $2.85/gallon on Memorial Day, according to GasBuddy's daily survey of 5,345 gas outlets throughout the state.

This compares with the national average that has increased 1.8 cents per gallon in the last week to $2.96/g, the gasoline price website reported.

Including the change in gas prices in Ohio during the past week, prices Monday were 59.0 cents per gallon higher than the same day one year ago and are 12.6 cents per gallon higher than a month ago. The national average has increased 15.8 cents per gallon during the last month and stands 60.6 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 29 in Ohio have ranged widely over the last five years:

$2.26/g in 2017, $2.48/g in 2016, $2.64/g in 2015, $3.77/g in 2014 and $3.66/g in 2013.

Areas in Ohio and their current gas price climate include:

Akron — $2.75/g, down 1.7 cents per gallon from last week's $2.77/g.

Dayton — $2.89/g, up 2.5 cents per gallon from last week's $2.87/g.

Columbus — $2.88/g, up 2.3 cents per gallon from last week's $2.86/g.

“As the summer driving season gets underway, there's reason to be optimistic and perhaps happy: OPEC appears ready to raise crude oil production to meet higher global demand, dashing at least for now, the likelihood of seeing the national average hit that ugly $3/gallon mark,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“For now, the national average peaked just under that level and prices are now starting to move ever so slowly lower, but more drops are coming. Crude oil dropped to $66.84 per barrel in electronic trading last night, representing a $5 per barrel loss in less than a week. I can confidently say that gas prices will be moving lower this week and perhaps into next week, so long as nothing comes out of left field to derail the plummet in oil prices. Motorists beware, however; the fall in gas prices will be slow to arrive at some stations and quick at others, so before gleefully filling up, check if you're getting the best deal in the area.”

For live fuel price averages, visit http://FuelInsights.GasBuddy.com.

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