Gas prices hinge on OPEC decisions


By Camri Nelson - cnelson@limanews.com



LIMA — Motorists can expect a continual drop in gas prices as long as the Organization of the Petroleum Exporting Countries does not cut oil production, said Patrick DeHaan, head of petroleum analysis for GasBuddy.

As of Monday afternoon, Shelby County had the lowest gas prices in the Lima area at $2.25, 42 cents lower than the national average.

The county with the second lowest average gas price is Allen County at $2.307, followed by Hardin County at $2.35 and Auglaize County at $2.36, Hancock County at $2.39, Putnam County at $2.40, Mercer County at $2.42, Logan County at $2.43 and Van Wert County at $2.60.

On Monday afternoon, the average price for a gallon of regular gas in Ohio was $2.38, which was 12.9 cents less than last week’s average. Sunday’s gas prices were 3 cents more than Monday’s average. Last month’s gas prices were 33.6 cents more than this month’s. Gas prices are 15.1 cents less than this time last year.

Gas prices in the Lima region have gone up 11.5 cents since last week, according to prices reported to GasBuddy.com. Sunday’s gas prices were 19.1 cents lower than Monday’s prices. Regional gas prices are 15.7 cents lower than last month and 0.6 cents higher than last year, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio.

The national average was 6.3 cents lower than last week’s average at $2.73. Sunday’s gas prices were consistent with Monday’s prices and last month’s gas prices were 22.4 cents more than this month’s. However, gas prices have gone up 11.8 cents since last year.

Gas prices have continued to drop across the nation, with an average price of $1.99 per gallon or less, said DeHaan.

Americans have spent almost $100 million less than just 30 days ago, which DeHaan said is “a significant and impressive feat as the national average gas price has shed over 20 cents per gallon over the last month.”

The oil price demise was due to waivers issued by the United States to countries buying crude oil from Iran, which made the sanctions moot.

To resolve those issues, OPEC agreed to increase production after the Nov. 4 re-imposition of sanctions. However, OPEC is now upset and could potentially cut production to counter the move by Trump to allow temporary waivers.

“The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up,” said DeHaan.

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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.

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