Lower gas prices seen as temporary

By Camri Nelson - cnelson@limanews.com

LIMA — Gas prices have plummeted since last Wednesday, but this break is expected to be temporary, according to Patrick DeHaan, head of petroleum analysis at GasBuddy.

As of Monday afternoon, Hardin County had the lowest gas prices in the Greater Lima Region two weeks in a row at $2.60, which is 27 cents less than the national average.

The county with the second lowest average gas prices is Auglaize at $2.73, followed by Putnam at $2.76, Hancock at $2.80, Allen at $2.817, Mercer at $2.824, Shelby at $2.826, Logan at $2.831 and Van Wert at $2.835.

On Monday morning, the average price of a gallon of regular gas in Ohio was $2.82, while last week’s average was $2.77. Sunday’s gas prices were 1.5 cents higher than Monday’s average. Last month’s gas prices were 12.3 cents higher than this month’s. Gas prices are 65.9 cents higher than last year.

Gas prices in the Lima region have decreased 17.4 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 18.7 cents higher than Monday’s prices. Regional gas prices are 1.5 cents higher than last month and 54.8 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.

The national average has gone up 0.8 cents from last week at $2.86. Sunday’s gas prices was consistent with Monday’s prices. Gas prices have gone up 62.8 cents since last year and are down 2.8 cents since last month.

The lowered oil prices last week were the result of Libya indicating that it would resume oil exports, according to DeHaan.

President Trump has mentioned tapping into the nation’s Strategic Petroleum Reserve to put downward pressure on oil prices, but DeHaan believes that this would be problematic and cause only a temporary small decline in gas prices.

“If there’s anything to learn here, it’s that President Trump has little power over global supply and demand, and if anything, there’s few options for the President to bring real change to gas pumps: slow motorists appetite for fuels, see sustainable increases in production or slow down the abrasive and inflammatory rhetoric that spooks the oil market,” said DeHaan in a news release. “Until then, there’s only one predictable outcome for gas prices for the remainder of the summer: volatile.”


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