Gasoline inventories decrease in the Midwest

Getting gas at the Shell station at 5980 Okeechobee Blvd in West Palm Beach, Florida, April 13, 2016. (Allen Eyestone / The Palm Beach Post)

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Getting gas at the Shell station at 5980 Okeechobee Blvd in West Palm Beach, Florida, April 13, 2016. (Allen Eyestone / The Palm Beach Post)

UPDATE @5:04 a.m. 05/25/17 

The U.S. Energy Information Administration’s weekly report indicates gasoline inventories decreased by 0.8 million barrels to a total of 239.9, according to GasBuddy.com. At 239.9 million barrels, inventories are down 0.2 million barrels, 0.1 percent lower than a year ago, and are near the upper limit of the average range for this time of year.

The weekly report indicates gasoline inventories in the Midwest were down 0.2 million barrels week, according to GasBuddy.com.

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Decreased gasoline inventories could cause fuel prices to increase, compared to increased inventories which could cause prices to fall.

The average price for a gallon of gas in Dayton Thursday morning is $2.33, with prices stable, according to GasBuddy.com. The cheapest gas, as of this morning, is $2.16 at Sam’s Club on Miller Lane near York Center Drive.

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In Hamilton, the average price for a gallon of gas is $2.38, with prices stable. The cheapest gas is $2.24 at Murphy USA at Princeton Road and Ohio 4.

In Springfield, the average price for a gallon of gas is $2.32, with prices stable. The cheapest gas is $2.26 at Marathon on Moorefield Road and Security Drive.

EARLIER REPORT

DAYTON — Gas prices in the Dayton area, along with gasoline prices nationwide, have increased over the last week, according to GasBuddy.com

Average retail gasoline prices in Dayton have risen 12.8 cents per gallon in the past week, averaging $2.38 per gallon on Sunday, according to GasBuddy's daily survey of 391 gas outlets in Dayton. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.35 per gallon, according to gasoline price website GasBuddy.com.

"Due to a $3 per barrel surge in crude oil prices in the last week, gasoline prices have been moving higher across a good portion of the U.S.," said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. "Optimism surrounding a likely deal to renew OPEC's production cuts is pushing oil prices higher, but also the possibility that non-OPEC countries may join in has led to a dramatic turnaround in oil prices recently, with WTI crude oil climbing back over $50 per barrel for the first time since late April.

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The average price for a gallon of gas in Dayton Monday morning is $2.39, with prices stable, according to GasBuddy.com. The cheapest gas, as of this morning, is $2.19 at multiple locations in the northern area of Dayton.

In Hamilton, the average price for a gallon of gas is $2.42, with prices stable. The cheapest gas is $2.32 at Murphy USA at Princeton Road and Ohio 4.

In Springfield, the average price for a gallon of gas is $2.39, with prices stable. The cheapest gas is $2.33 at Murphy USA on South Tuttle Road near East National Road and Marathon on East National and North Bird roads.

“The timing is impeccable for OPEC- tighten the market as summer driving season hits? Of course, but if global oil inventories don't soon reflect the lower output it will eventually mean more struggles for oil down the road, so we're staying tuned," DeHaan added.

You can track gas prices in your community bydownloading the WHIO appand clicking on Pump Patrol.

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