Gas prices unchanged in Meadville area

Adjust Comment Print

Record high storage levels of crude in the USA last week sent oil prices falling by about $5 a barrel, down to less than $48.50 a barrel for the US benchmark. Compared with the same day previous year, the national average price of $2.29 is 36.2 cents a gallon higher. In Tacoma, Costco and several Arco stations were the lowest listed on the site at $2.63 a gallon.

The Florida average was $2.274 on Monday, down from $2.288 a month ago and flat with a week ago.

But the projected increase has been adjusted downward and is no longer expected to exceed 40 cents by Memorial Day, AAA spokesman Mark Jenkins said. "This will postpone the customary springtime gas price spike". Prices in Allen County dropped 6 cents, and all other area counties saw a less than 5-cent decline.

On Friday, a barrel sold for $48.49, the lowest price since November.

If nothing else, the fall in oil prices is delaying the inevitable rise in gasoline costs for much of the spring season, according to GasBuddy, which tracks fuel pricing and refining activity. Fundamentals of oil have weakened, and with last week's large 8.2 million barrel rise in crude oil inventories, the market has turned decidedly bearish for now.

They are remaining cautiously optimistic, though due to fluctuating oil prices, which can have a direct impact on the price you pay at the pump.

Despite the decrease, prices in the Lima region were 3 cents higher than last month's average of $2.13 and were up 19 cents from last year's average of $1.94.

"The oil glut lingers", he said, but should reverse by May. Meanwhile, refineries will have to battle rising demand as they begin pumping summer-blend gasoline into the market in April and May. That sign there says 79 cents for a gallon of unleaded gas. Previous year saw a three-way fight for clients in a MI resort town bring prices per gallon down to $0.47 - pennies above federal and state excise taxes. At this time in 2016, the state average was $1.912.

The Albany metro area - Dougherty, Lee, Worth, Terrell and Baker counties - was tied with Macon for second-lowest among Georgia Metropolitan statistical areas Monday, according to the Daily Fuel Gauge Report. So far, the average has remained steady at about $2.28.