LIMA — As oil prices continue to drop, gas prices are expected to drop even more, according to Patrick DeHaan, head of petroleum analysis at GasBuddy.
As of Monday afternoon, Allen County had the lowest gas prices in the Lima area at $2.471, 39 cents lower than the national average.
The county with the second lowest average gas price is Hancock County at $2.546, followed by Putnam County at $2.547 and $Hardin County at $2.547 , Auglaize County at $2.57, Mercer County at $2.58, Shelby County at $2.61, Logan County at $2.70 and Van Wert County at $2.76.
On Monday afternoon, the average price for a gallon of regular gas in Ohio was $2.58, which was 9.3 cents less than last week’s average. Sunday’s gas prices were consistent with Monday’s average. Last month’s gas prices were 22.9 cents more than this month’s. Gas prices are 25.6 cents higher than this time last year.
Gas prices in the Lima region have gone down 13.2 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 20.3 cents lower than Monday’s prices. Regional gas prices are 15.9 cents lower than last month and 38.6 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.
The national average was 1.7 cents lower than last week’s average at $2.86. Sunday’s gas prices were consistent with Monday’s prices and last month’s gas prices were 1.4 cents lower than this month’s. However, gas prices have gone up 42.6 cents since last year.
Oil prices have recently dropped to $69 per barrel, said DeHaan. Despite the natural gas pipeline shutdown causing prices to go up on the West Coast, most states have experienced lower gas prices.
The Great Lakes states have experienced a drop of 30-50 cents per gallon, and DeHaan believes that prices will continue to decline.
“Gasoline economics typically weaken shortly after summer, but we experienced somewhat of a delay due to concern over Iran sanctions and OPEC production, but seemingly the market has become more concerned with other factors, and thus far, the effect on motorists has been lower gas prices,” said DeHaan in a news release. “While Great Lakes states may see prices bounce of current lows in the week ahead, much of the rest of the country will likely see additional downward movement.”
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.