Published: Tue, March 14, 2017
U.S. | By Vera Richards

Gas prices down 4.8 cents in Lima area

Gas prices down 4.8 cents in Lima area

Gas prices have remained steady in the Meadville area.

The rare move comes as oil prices break out of their well-established rut of trading between $51 to $54 per barrel, territory that prices have remained stuck between since OPEC's November 30 decision to cut oil production.

Prices could drop up to a dime per gallon over the next few weeks.

"The oil market suffered a "mini collapse" last week, following reports of a record build in domestic crude oil", AAA spokesman Mark Jenkins said.

By the start-of-summer holiday, prices are predicted to rise by anywhere from 20 to 40 cents a gallon.

The battle took place between two gas stations located across the street from each other at Old Spanish Trail (OST) off of 288.

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"The oil market is under pressure and USA inventories continue to build, despite OPEC efforts to reduce supply", said Gene LaDoucer, North Dakota spokesman for AAA-The Auto Club Group. It's one cent lower than that in Alabama at $2.05.

While gasoline demand has been sluggish so far this year, it rose 7 percent last week, according to the Energy Information Agency (EIA).

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

The gas company says the change in gas prices in New Haven during the past week, prices Sunday were 45.7 cents per gallon higher than the same day one year ago and are 3.5 cents per gallon lower than a month ago.

"The annual spring rally at the pump could be less severe than expected", said Patrick DeHaan, a Gasbuddy senior petroleum analyst. Georgia drivers a year ago were paying about $1.875, while metro Albany motorists were paying $1.87.

Nearby, drivers in Pinellas County were paying an average of $2.13, with those in Hillsborough slightly higher at $2.15.

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