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Gas prices in Toledo trickling back down after increases

The average price for a gallon of gas in the city is 23.5 cents higher than a month ago, but 67.4 cents lower than a year ago.
Credit: alexanderuhrin - stock.adobe.com

TOLEDO, Ohio — The price of gasoline is trickling down after a few weeks of rapid increase.

The average price for a gallon of regular gas in Toledo dropped 9 cents last to $3.35, according to GasBuddy's daily survey of 315 stations in the city. That price is 23.5 cents higher than a month ago and 67.4 cents lower than a year ago.

The cheapest station in the Glass City was priced Sunday at $2.93, while the most expensive was $3.59.

Prices had been on the rise in recent weeks.

The national average fell 4.2 cents last week to $3.40 a gallon. The national average for diesel fuel dropped 5.6 cents to $4.25.

"The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities."


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