GREENE COUNTY — Drivers could see a drop in gas prices by the end of the week.
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Today, the average gas price for a gallon of gas across the Miami Valley is $3.89, according to GasBuddy. That is nearly 30 cents cheaper than a week ago.
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“Prices have gone down significantly in the last week, down 29 cents a gallon,” Patrick De Haan, Head of Petroleum Analysis at GasBuddy, said. “That’s one of the largest declines of any state in the nation.”
De Haan told News Center 7’s Taylor Robertson that the drop is because of improvements in refining issues.
“But for now, refinery issues behind us, refinery maintenance season is also starting to wrap up,” De Haan said. “There are a couple refineries in Ohio, including the Cenovus Refinery, undergoing maintenance that should wrap up, I think, in the next week or two, and that should pave the way for lower prices.”
He added that the other thing impacting oil prices is the optimism over how the United States will handle Iran.
“Hoping that President Trump, who promised, you know, figuring the situation out after the midterms, will now do that, and of course, the midterm elections delivering a fairly strong rebuke to Republicans who may also now feel additional pressure to resolve the situation,” De Haan said. “As Americans certainly definitively voted, the economy is one of the top issues.”
De Haan said there is a potential by next week to see another 20 to 30 cents drop in prices, but there is no way to guarantee that prices will continue to go down.
“If something develops, if there’s an escalation between the U.S. and Iran tomorrow, that’s obviously going to partially offset the projected relief,” De Haan said. “So I do think that there appears to be, for now, at least a week or two of continued declines.”
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