Monday, 16 October 2023 11:04

Middle East Conflict Raises Concern, But Not Gas Prices Yet In Akron Featured

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Gas prices have continued to drop nationwide over the past week, despite concerns about potential disruptions from the Israeli-Palestinian conflict in the Middle East.

Global oil prices have stabilized at a little over $90 dollars per barrel so far today, and Gasbuddy.com reports the price of a gallon of gas dropped in Akron by 13 point 1 cents over the past week to an average of $3.02.

Nationwide, the average price per gallon for gasoline is down by 11.3 cents per gallon, at $3.55, and the average price of diesel dropped by 6.8 cents per gallon to $4.41.

Patrick DeHaan, Gasbuddy.comhead of Petroleum Analysis, says "The downward momentum has indeed gained steam, with the national average declining over the last week with again virtually every village, town, city, region and state seeing gasoline prices fall - with the added bonus that diesel prices have also declined. While the price of oil jumped some 5% last week, I remain steadfast that additional declines are coming to gasoline prices the way the situation stands now, but remain cautious that this depends on actions that are not foreseeable, mainly the conflict in the Middle East."

In addition, he says be believes that "For now, the national average is likely to soon fall to its lowest level in six months. Some areas of the Great Lakes could see a price cycle in the next few weeks, which is typical after long declines as stations often pass along the drops there faster than anywhere else. I believe the national average still has some 15-35 cents of declining to do the way things stand now."

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