LIMA — The expected seasonal decline in gasoline prices may not happen due to continual rising oil prices, according to Patrick DeHaan, head of petroleum analysis for GasBuddy.com.
As of Monday afternoon, Hardin County had the lowest gas prices in the Lima area at $2.62, 22 cents lower than the national average.
The county with the second lowest average gas price is Van Wert County at $2.69, followed by Auglaize County at $2.75, Allen County at $2.76, Putnam County at $2.79, Hancock County at $2.82, Shelby County at $2.84, Mercer County at $2.85 and Logan County at $2.92.
On Monday afternoon, the average price for a gallon of regular gas in Ohio was $2.78, which was 2.1 cents more than last week’s average. Sunday’s gas prices were 1.1 cents higher than Monday’s average. Last month’s gas prices were 5 cent higher than this month’s. Gas prices are 49.5 cents higher than this time last year.
Gas prices in the Lima region have gone down 15.1 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 22.2 cents higher than Monday’s prices. Regional gas prices are 4.4 cents lower than last month and 41.5 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.
The national average was .6 cents cheaper than last week’s average at $2.841. Sunday’s and last month’s gas prices were consistent with Monday’s prices. However, gas prices have gone up 29 cents since last year.
“With a muted response from OPEC to President Trump’s exhortation via Twitter that OPEC do something to rein in high oil prices, we may see energy markets rally as concerns grow that Iran’s sanctions effective in November may pose more a challenge to global supply than anticipated,” DeHaan stated in a news release.
Despite the rise of oil prices last night, several oil ministers have downplayed the increase, according to DeHaan.
“Moving forward, with Iran’s oil essentially out of reach, gas prices may not see the typical decline we had been expecting as recently as the last two weeks as new concerns emerge about the tightrope balance some oil producing countries are hoping for — pushing supply down as global demand rises,” DeHaan stated. “That’s not going to be good news for motorists.”
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews