Gas prices to drop around 10 cents this week

Published: Monday, June 18, 2018 @ 8:16 PM

The average price of gas in Ohio drops 10 cents this week.

Ohio has topped the charts for the biggest weekly change in gas price averages in the country; Ohio is the 11th lowest in the nation at $2.70 per gallon.

Nationwide, 44 states have less expensive or steady gas price averages compared to last Monday. However, the cheaper trend may be reversing. “If demand continues to strengthen and inventories decrease in the weeks ahead, motorists can expect gas prices do a reversal and start to increase again,” said AAA spokeswoman Jennifer Moore. “AAA expects the national gas price average to range between $2.85 and $3.05 through Labor Day, likely seeing the summer’s highest prices in June.”

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Moving into this week, another factor that will influence gas prices in the near and long-term will be outcomes from the June 22 OPEC meeting in Vienna, Austria. The cartel, along with other major producers including Russia, will discuss increasing oil production ahead of the year-end scheduled dissolution of its production reduction agreement.

Motorists are spending $69 or more a month for gas compared to last year, but that won’t stop their summer travel. Gas expenses are accounting, on average, for 7% of an American’s 2018 annual income.

Visit https://gasprices.aaa.com/ to check the latest gas prices.

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