TOLEDO, Ohio — Gas prices in the Toledo area have dropped nearly 20 cents over the last week, an analyst for GasBuddy said, as the prices at the pump continue a downward trend.
A gallon of gas costs, on average, $2.68 in Toledo as of Monday, according to a GasBuddy survey of 315 gas stations. Prices at the pump are now 52.8cents lower than a month ago, and 19.9 cents lower than last week.
The GasBuddy survey found the cheapest station in Toledo was priced at $2.46/gallon, while the most expensive was $3.19/gallon. Statewide, the range was $2.33/gallon to $3.79/gallon from least expensive to most expensive.
Nationally, Toledo gas prices are lower than the rest of the country. In a survey of 150,000 gas stations across the U.S. the average price of a gallon of gas was $3.07 a figure that fell 5.3 cents compared to last month, according to GasBuddy.
The average price of a gallon of gas in Toledo on Oct. 21 is the lowest its been in three years:
- Oct. 28, 2023: $3.14/g (U.S. Average: $3.52/g)
- Oct. 28, 2022: $3.68/g (U.S. Average: $3.80/g)
- Oct. 28, 2021: $3.20/g (U.S. Average: $3.36/g)
- Oct. 28, 2020: $2.01/g (U.S. Average: $2.16/g)
GasBuddy analysts said international political tumult, as well as typical year-over-year patterns are responsible for the downward trend.
"The national average price of gasoline has continued its decline over the last week as oil prices have sunk due to Israel avoiding attacks on Iran's oil infrastructure, and seasonal decreases in demand are pushing gasoline lower, as is normal for this time of year," said Patrick De Haan, head of petroleum analysis at GasBuddy in a press release. "In addition to gasoline prices falling to their lowest level since January, the average price of diesel has now fallen to its lowest level in over three years."
De Haan also said the upcoming presidential election has nothing to do with the price of gas, often a popular belief.
"While many Americans may incorrectly credit the upcoming election for the declines, politicians have little influence over the strong seasonal forces that drive prices lower in autumn. With winter gasoline soon to reach the rest of California, and demand continuing to decline as Americans grapple with colder weather, the drop in demand is pushing gas prices down—not politicians on either side, as much as they might like to think they do. I expect the decline in gas prices will continue into and even beyond the upcoming election."
