LIMA — Tightening global oil supplies will cause rising gas prices within the next several weeks, said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.
As of Monday afternoon, Hancock County had the lowest gas prices in the Lima area at $2.61, 27 cents lower than the national average.
The county with the second lowest average gas price is Allen County at $2.645, followed by Shelby County at $2.70, Van Wert County at $2.73, Hardin County at $2.747, Putnam County at $2.749, Auglaize County at $2.75, Mercer County at $2.80 and Logan County at $2.88.
On Monday afternoon, the average price for a gallon of regular gas in Ohio was $2.75, which was 3.5 cents less than last week’s average. Sunday’s gas prices were consistent with Monday’s average. Last month’s gas prices were 1.5 cents higher than this month’s. Gas prices are 39.4 cents higher than this time last year.
Gas prices in the Lima region have gone down 12.4 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 2.6 cents higher than Monday’s prices. Regional gas prices are 3.8 cents higher than last month and 34.5 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.
The national average was 3.1 cents higher than last week’s average at $2.85. Sunday’s gas prices were 1.6 cents higher than Monday prices. Last month’s gas prices were 5.1 cents lower than this month’s. However, gas prices have gone up 35 cents since last year.
West Texas Intermediate’s crude oil rate increase to $2.47 a barrel last week was the cause of the tightening of global oil supplies, said DeHaan. Brent crude oil rose nearly $4 in value since November 2014.
“Looking ahead, the squeeze in global supplies will almost certainly put gasoline prices under pressure and provide a strong basis for further increases at the pumps at a time when drivers are accustomed to seeing prices soften,” said DeHaan in a news release. “Short of producing countries suddenly finding a million spare barrels of oil over the month of October, drivers should brace for even higher prices over the next several weeks.”
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews