Gasoline inventories dip in the Midwest

UPDATE @ 5:43 a.m. 4/20/17

GasBuddy.com reported the U.S. Energy Information Administration released a report on Wednesday indicating gasoline inventories increased by 1.5 million barrels to total 237.7 million barrels.

However, inventories are down 0.8 percent compared to a year ago. In the Midwest, gasoline inventory is down 0.1 million barrels.  Senior petroleum analyst for GasBuddy.com Patrick DeHaan noted falling inventories can drive prices up.

EARLIER REPORT

DAYTON — Average retail gasoline prices in Dayton fell 8.8 cents per gallon in the past week, averaging $2.30 per gallon on Sunday, according to GasBuddy's daily survey of 391 gas outlets in Dayton.

This compares with the national average that has increased 1.1 cents per gallon in the last week to $2.40 per gallon, according to gasoline price website GasBuddy.com. "The national average gasoline price climbed to its highest level since September 5, 2015 on the $6 per barrel rise in oil prices over the last few weeks, supported by last week's decline in oil inventories and pressure from geopolitical tensions," said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

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Including the change in gas prices in Dayton during the past week, prices on Sunday were 21.1 cents per gallon higher than the same day one year ago and are 4.1 cents per gallon higher than a month ago. The national average has increased 11.1 cents per gallon during the last month and stands 29.2 cents per gallon higher than this day one year ago.

According to GasBuddy.com, the average price for a gallon of gas in Dayton is $2.30, with prices stable. The cheapest gas, as of Monday morning, is $2.16 at United Dairy Farmers located at 3026 Harshman Road and Brandt Pike.

In Hamilton, the average price for a gallon of gas is $2.30 with prices stable. The cheapest gas is $2.15 at Certified located at 701 High Street and 7th Street.

In Springfield, the average price for a gallon of gas is $2.30, with prices staying stable. The cheapest gas is $2.20 at Marathon located at 4000 Springfield-Xenia Road near Sparrow Road.

"While some states in the Great Lakes saw average gasoline prices ease after leading the nation by rising double digits each of the last two weeks, most the country saw a continued rise, DeHaan said. “However, the national average may reach its peak for the year in the next few weeks barring major escalation in Syria as refiners have generally concluded seasonal maintenance work and summer gasoline's May 1st deadline for refiners is just around the corner. While average prices are far below their five-year average, they remain notably higher than last year. Today shows just 405 gas stations in the U.S. selling gasoline at $2 per gallon or less, a far cry from a year ago when over 80,000 stations were at the level."

Track gas prices in your community by downloading the WHIO app and clicking on Pump Patrol.

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