TOLEDO, Ohio — Editor's note: The above video first aired in early February and is regarding ethanol production.
Gasoline prices in Toledo are still trickling downward.
The average price for a gallon of gas in the Glass City fell 4.7 cents last week to $3.08, according to GasBuddy's daily survey of 315 stations in the city. That price is 24.1 cents lower than a month ago and 26.3 cents lower than a year ago.
The cheapest station in Toledo was priced Sunday at $2.86, while the most expensive was $3.29.
The national average for gasoline fell 4.3 cents last week to $3.33. The national average for diesel fuel dropped 7.7 cents to $4.38.
"The national average has resumed its decline after a pause last week as oil and wholesale gasoline prices fell on worrisome inflation figures showing the Fed likely to ramp up rates to slow inflation," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Some nine out of 10 states saw declines over the last week, so the drops are showing up for most across the country, with the exception of the West Coast as the transition to summer blends continues, and in the Great Lakes, where prices cycled last week but have now resumed declining.
"For the weeks ahead, tradition tells us to expect prices to move up eventually, but that could be at least be partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably."
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