Analyst: US Gas prices may have finally bottomed out

First Posted: 1/20/2015

LIMA — This may be as good as it gets when it comes to gasoline prices, a petroleum analysts said Tuesday.

The average price for a gallon of gas in Ohio last week was $1.99, according to Patrick DeHaan of That’s $1.27 cheaper than it was a year ago. Lima’s average price was $1.94.

Enjoy it while you can, DeHaan said.

“The light at the end of the tunnel is dimming as gasoline prices have nearly caught up with the drop in crude oil prices,” DeHaan said. “Last week saw a rally in oil prices Wednesday, before caving again Thursday, then rallying again Friday — a sign that perhaps we’ve seen a bottom in oil prices, and perhaps thus a bottom in gasoline prices as well.

“We’ll certainly be watching the price of oil during this shortened trading week, and if oil fails to continue declining, it’s likely that it won’t get much better at the pump. And while that may sound negative, it certainly has been a great ride for motorists,” DeHaan said.

Some stats:

•Missouri has the lowest state average in the country; at $1.75 Monday, it was one of 26 states averaging under $2 a gallon.

•There was only one state averaging above $3 a gallon Monday: Hawaii ($3.32).

•In the lower 48 states, California has the highest average at $2.50, followed by New York at $2.49.

•Every state had a lower average Monday than the same day last year. Michigan, at $1.91 Tuesday, has seen the biggest drop from the same day last year, down $1.40 from its Jan. 19, 2014, average.