Gasoline prices drop sharply

Only one other time in recent years has the national average dropped so significantly in just a week.
Norwalk Reflector Staff
Oct 22, 2012

Average retail gasoline prices in Ohio have fallen 21.4 cents per gallon in the past week, averaging $3.36 per gallon on Sunday.

This compares with the national average that has fallen 9.0 cents per gallon in the last week to $3.67/g, according to gasoline price website OhioGasPrices.com.

Including the change in gas prices in Ohio during the past week, prices were 9.5 cents per gallon higher than the same day one year ago and are 34.9 cents per gallon lower than a month ago. The national average has decreased 14.2 cents per gallon during the last month and stands 20.1 cents per gallon higher than this day one year ago.

"Only one other time in the last few years have we seen the national average drop so significantly in the course of just a week, and that other time was in May 2011," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "Looking back at our data, we only see that prices dropped considerably more in autumn 2008, when the economy slipped into a recession. Given the circumstances with this latest weekly decrease -- that it has nothing to do with recession -- is significant," DeHaan said.

GasBuddy operates OhioGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In Ohio, GasBuddy tracks price changes at 5,345 retail outlets.

Comments

truckin

election.. pure and simple. Ask why is gas going down but NOT diesel? Gas has come down 50-60 cents in last 2 weeks, which puts money instantly in Americans hands. TOTAL artificial, no one looks at as long as diesel is high, so is my fuel surcharge, which in return makes goods more expensive in the long run.. But with this quick and what can i get now lifestyles. Just look at what is right in front of them, never noticing the cost on the back side.

luvblues2

Happens every presidential election year. No surprise.

Estrella Damm

$3.36 > $1.84. Obama and his energy policies are causing an extended recession.

Cliff Cannon

@ luvblues 2 : Please don't ruin peoples illiusions about our President being above "politics" :)

swiss family

Estrella....................I am sure if you actually looked at the facts.... under G.W.Bush's Presidency .. gas was the highest it has ever been... it topped the $4.00 mark many, times, something that NEVER happened under the Obama Presidency...

Dr. Information

Swiss, you really need to Google the national gas prices for the last 8 years. Its been the highest average per month ever under Obama. There was a point where gas was over $4.00 under Bush, but it didn't last but a month and fell to nearly $2.00 over the next SEVERAL months, which is much lower than what we have paid over the last 2-3 years. Please get your facts straight before you post.

arnmcrmn

@swiss....the national monthly average has been the highest under Obama and it isnt even close. So if you paid $4.00 for one month under Bush, yet from 2008-2012 paid on avg. $3.50 or more.....who's the winner for lowest prices? Here is a prime example of opinion being toted as fact.

truckin

Swiss. OMG you really been drinking this Obama kool-aid? Go ahead vote for him. Watch all the wealthy, business owners, investors, Just flat PARK there money. I do not believe there will be an immediate slow down in GDP. People/businesses have been holding off necessary repairs and such to long. That will be what keeps the economy going for the first half of next yr. But if socialist policies have there way. Rich and even some who have a few bucks will be parking there cash. Not as eager to really get out and earn either. Lawyers taking less cases, doctors accepting fewer patients, adding on new wings to there business. Heck even i, a trucker, have figured out just how much i need to earn and have been REALLY slacking for the past few months as NOT to make too much and go over that threshold of high taxed. People as i, will be mowing there own lawn, painting there own house, eating at home.. People like you just hate the fact of someone in your family who can buy new car/furniture every year, BUT they were the ones who kept Norwalk Furniture/GM open and such. I am telling you.. PARKed money is what will happen. IF Obama is successful. I don't want to hear it next yr. I'll be all rite i have a yr or 2 earning stuck back. DO YOU? The End.

ladydye_5

I like when people would complain about the HIGH price, everyone says the president has NO control over the price. Now when the price is FALLING just before the election he is trying to win, everyone gives him kudos for it. You cannot have it both ways.

Windy

BINGO!

truckin

NO no. The same people would say president has control....when it was BUSH.. As with i just love the news broadcasters who say stuff like.. "I can not believe the disrespect for the office of the president". But remember when it was BUSH? It was "different". I seen alot of Bush bashing bumper stickers everywhere. I don't really see many about Bama. But SURE hear alot more vocally everywhere i go..

44846GWP

I don't see lower prices in Norwalk. $3.29 in norwalk, and $3.09 in Clyde and Bellveue.