Higher demand leading to gas price hike


By Camri Nelson - cnelson@limanews.com



LIMA — Gas prices are still expected to rise due to higher demand and lower supply, said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

As of Monday afternoon, Shelby County had the lowest gas prices in the Lima area at $2.68, 24 cents lower than the national average.

The county with the second lowest average gas price is Hardin County at $2.75, followed by Allen County at $2.792, Auglaize County at $2.801, Mercer County at $2.809, Van Wert County at $2.82, Logan County at $2.843, Putnam County at $2.846 and Hancock County at $2.85.

On Monday afternoon, the average price for a gallon of regular gas in Ohio was $2.81, which was 1.9 cents more than last week’s average. Sunday’s gas prices were consistent with Monday’s average. Last month’s gas prices were 6.2 cents less than this month’s. Gas prices are 54.2 cents higher than this time last year.

Gas prices in the Lima region have gone up 11.7 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 2.3 cents higher than Monday’s prices. Regional gas prices are 9.2 cents higher than last month and 52.8 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.

The national average was 11.7 cents higher than last week’s average at $2.92. Sunday’s gas prices were 1.8 cents higher than Monday prices. Last month’s gas prices were 7.8 cents lower than this month’s. However, gas prices have gone up 45.5 cents since last year.

An improved economy, higher demand and lower supply is causing an unbalance of the oil market, causing gas prices to rise, said DeHaan.

“We may even soon see $3 per gallon nationally, which would be the first time since October 2014, if oil prices continue to rise,” said DeHaan in a news release. “I, along with motorists, will be eagerly awaiting any relief at the pump, but don’t hold your breath — it may get worse before it gets better.”

https://www.limaohio.com/wp-content/uploads/sites/54/2018/10/web1_GasPrice-1.jpg

By Camri Nelson

cnelson@limanews.com

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

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

Post navigation