Patrick De Haan, head of petroleum analysis for GasBuddy, a fuel savings platform that tracks gas prices nationwide, said gas prices this summer are following a familiar pattern, one that is notably different from what people often expect.
Contrary to popular belief, he said, summer itself does not typically bring rising gas prices. Instead, prices tend to decline after winter’s transition and refinery maintenance, a trend that has continued in recent months, De Haan said.
One major factor influencing this decline is OPEC’s decision to keep increasing production, he said. Combined with broader economic uncertainty, this has led to oil prices remaining relatively low. As a result, drivers are benefiting from gas prices that are significantly lower than the same time last year.
The decrease is due in part to the absence of major refinery issues this year.
“Last year, we had a couple of refinery problems through the course of the summer, but so far, it seems like a lack of major issues coupled by the fact that oil prices remain relatively low.”
AAA Club Alliance spokeswoman Kara Hitchens told this news outlet that steady prices are “a welcome sight for drivers, particularly at this time of year as travel and vacations are heating up.”
“Drivers should take advantage of all the tools at their disposal to maximize their savings,” Hitchens said. ”Use loyalty programs to get even better savings on fuel prices."
She also said motorists should ensure their vehicle is tuned and ready for the road.
“Items such as checking your tire pressure and tread depth are important safety issue as well as cost savings on fuel efficiency,” Hitchens said.
For Dayton residents, gas prices appear to be caught in a price cycle, De Haan said.
A price-cycling pattern is where stations ignore minor fluctuations in the market on a daily basis, with most stations undercutting each other by a penny or two each day until they run out of margin, De Haan has said. But when a retailer is no longer making any money, it will then raise its price 25 to 40 cents a gallon to pass along any price difference and to restore its margin to about 15 to 20 cents a gallon, he said.
De Haan said that on good days, Dayton gas prices linger in the mid-to-upper $2 per gallon range, but when they cycle back up, they exceed $3 a gallon.
“It’s seems a little bit boring, almost, that gas prices kind of continue to do this dance,” De Haan said, referring to a similar pattern observed last summer.
Despite oil prices being slightly higher than in previous months — partly due to optimism surrounding a trade deal with China — the overall trend remains steady.
“If the market views the trade deal favorably, oil prices could rise as a result of increased consumption worldwide,” De Haan said. That would signal economic growth in both the U.S. and China, which could have ripple effects for the price of fuel.
De Haan said motorists should keep an eye on potential market shifts and summer hurricanes. For now, however, he views it as “a fairly good time for motorists to hit the road with gas phase at some of the lowest seasonal levels in the last couple of summers.”
That drop in prices also is reflected across the state and region.
On June 11, 2024, gas in Ohio cost an average of $3.29 per gallon. Last week, on June 4, gas was $3.06 per gallon. By Tuesday it was $2.97 and by Wednesday is was $2.94.
The price of gas in the Dayton area also has steadily declined. On June 11, 2024, gas cost an average of $3.17 per gallon. A week before, on June 4, the average price was $2.94 per gallon. By Tuesday, it had dropped to $2.85, and by Wednesday, it was down to $2.82.
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