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Gas price expert: Prices likely to drop now, but look for another increase by Memorial Day

Gas prices in Toledo are 9.1 cents per gallon lower than a month ago and stand 75.2 cents per gallon higher than a year ago, GasBuddy says.

Toledo gas prices have fallen 2.4 cents per gallon in the past week, averaging $2.54 per gallon today, according to GasBuddy's daily survey of 315 stations in Toledo. 

Gas prices in Toledo are 9.1 cents per gallon lower than a month ago and stand 75.2 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Toledo is priced at $2.34/g today while the most expensive is $2.99/g, a difference of 65.0 cents per gallon. The lowest price in the state today is $2.31/g while the highest is $2.94/g, a difference of 63.0 cents per gallon.

"With oil prices finally sagging over the last week on inflation fears and worries about a surge in COVID-19 cases in Europe impacting oil demand, motorists filling their tanks may soon see a brief respite from rising gas prices," said Patrick De Haan, head of petroleum analysis for GasBuddy. 

"While gasoline demand last week rose to its highest level since the pandemic began, concerns that oil demand growth will stall with COVID-19 cases surging in Europe are eroding oil's recent rise. While gas prices still rose in a majority of states last week, we may see some price decreases in the week or weeks ahead, even as U.S. gasoline demand continues to rally to the highest level since the pandemic started nearly a year ago. 

"It'll be a bumpy road the next few weeks as markets sort out the bearish and bullish factors, but I still believe prices will likely experience more upward momentum ahead of Memorial Day."

The national average price of gasoline has fallen 0.3 cents per gallon in the last week, averaging $2.86/g today. The national average is up 22.2 cents per gallon from a month ago and stands 78.2 cents per gallon higher than a year ago.

Historical gasoline prices in Toledo and the national average going back 10 years:

  • March 22, 2020: $1.78/g (U.S. Average: $2.08/g)
  • March 22, 2019: $2.46/g (U.S. Average: $2.62/g)
  • March 22, 2018: $2.49/g (U.S. Average: $2.59/g)
  • March 22, 2017: $2.19/g (U.S. Average: $2.29/g)
  • March 22, 2016: $1.87/g (U.S. Average: $1.98/g)
  • March 22, 2015: $2.32/g (U.S. Average: $2.43/g)
  • March 22, 2014: $3.43/g (U.S. Average: $3.52/g)
  • March 22, 2013: $3.79/g (U.S. Average: $3.69/g)
  • March 22, 2012: $3.96/g (U.S. Average: $3.89/g)
  • March 22, 2011: $3.54/g (U.S. Average: $3.55/g)

Neighboring areas and their current gas prices:

  • Ann Arbor- $2.75/g, unchanged  from last week's $2.75/g.
  • Detroit- $2.71/g, down 3.3 cents per gallon from last week's $2.74/g.
  • Lansing- $2.70/g, down 11.6 cents per gallon from last week's $2.81/g.