Regional gas prices continued decline last week

By Camri Nelson -

LIMA — Although gas prices have dropped within the last week, prices are subject to change by Independence Day, according to Patrick DeHaan, head of petroleum analysis at GasBuddy.

As of Monday afternoon, Hancock had the lowest gas prices in the Greater Lima Region at $2.50, which is 33 cents less than the national average.

The second lowest average gas prices are in Shelby County at $2.51, followed by Hardin at $2.54, Allen at $2.564, Auglaize at $2.566, Putnam at $2.583, Mercer at $2.586, Logan at $2.60 and Van Wert at $2.62.

On Monday morning, the average price of a gallon of regular gas in Ohio was $2.61, while last week’s average was $2.69. Sunday’s gas prices was the same as Monday’s average. Last month’s gas prices were 28.3 cents higher than this month’s. Gas prices are 45.5 cents higher than last year.

Gas prices in the Lima region have decreased 3.3 cents since last week, according to prices reported to Sunday’s gas prices were 5.2 cents cheaper than Monday’s prices. Gas prices are 28.3 cents lower than last month and gas prices are 45.5 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.

The national average has gone down 5.6 cents from last week at $2.89. Sunday’s gas prices was consistent with Monday’s prices. Gas prices has gone up 57.9 cents since last year and is down 14.3 cents since last month.

As a result of the Organization of the Petroleum Exporting Countries agreeing to increase oil production by 600 thousand barrels a day, crude oil prices rose over 5 percent Friday and gas rose 2 percent.

DeHaan believes that this decision may lead to an end or delay in the recent gas price declines.

“I’m optimistic that we can avoid a $3 per gallon national average, but if gas prices were to mirror the gains in oil prices, a 5 percent gain would theoretically put us back at nearly $2.99 per gallon, not what you like to see any time, much less prior to the summer’s most popular holiday,” DeHaan said in a news release.

By Camri Nelson

Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.

Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.

Post navigation