LIMA — Gas prices are expected to drop now that the summer is over, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.
As of Monday afternoon, Hardin County had the lowest gas prices in the Greater Lima Region at $2.50, 32 cents lower than the national average.
The county with the second lowest average gas price is Shelby at $2.52, followed by Van Wert at $2.60, Allen at $2.62, Hancock at $2.67, Logan at $2.67, Putnam at $2.70, Auglaize at $2.73 and Mercer at $2.74.
On Monday afternoon, the average price for a gallon of regular gas in Ohio was $2.71, which was 8.9 cents lower than last week’s average. Sunday’s gas prices were 1.2 cents higher than Monday’s average. Last month’s gas prices were 8.7 cents higher than this month’s. Gas prices are 18.3 cents higher than last year.
Gas prices in the Lima region have decreased 20.2 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 2.2 cents higher than Monday’s prices. Regional gas prices are 20.9 cents lower than last month and eight cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.
The national average has gone down 1.6 cents from last week at $2.83. Sunday’s gas prices were consistent with Monday’s prices. Gas prices are 4.6 lower than last month’s average but have gone up 18.1 cents since last year.
OPEC’s long-term decision to cut oil production to better balance supply and demand is one of the factors contributing to the expensive gas prices this summer, according to DeHaan.
Last week marks the last of expensive prices with average an average of $2.87 between Memorial Day and Labor Day, according to DeHaan. This summer’s average was 55 cents higher than last summer but 71 cents per gallon cheaper than 2014.
“Now that summer is over, gas prices are likely to seasonally decline by the end of the year, but with Tropical Storm Gordon likely to impact the sensitive Gulf Coast region, gas prices may move higher before we see the seasonal down trend emerge,” said DeHaan. “We’re carefully watching the storm for possible disruptions to refineries and gas stations, and will continue to do so until hurricane season ends.”
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.