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Gas prices in Toledo down over 13 cents a gallon in past month

Prices have been dropping for several weeks, although one expert believes a price hike could be coming.

TOLEDO, Ohio — Gas prices in Toledo dropped another 2.6 cents a gallon last week, although a price hike could be in store after several weeks of decline.

The average price for a gallon of gas in Toledo is $3.00, according to GasBuddy's daily survey of 315 stations in the city. Prices are 13.5 cents cheaper than a month ago.

The lowest price is $2.71, while the highest is $3.41.

The national average is $3.27 per gallon, which is down 0.9 cents from last week and 9 cents from last month.

Head of Petroleum Analysis Patrick De Haan said the market is starting to stabilize, which could lead to increased prices.

"Oil prices have started to rise as omicron hasn't been as severe as initially feared, leading to optimism that perhaps oil demand will start to rise in the weeks ahead as cases will eventually plateau," De Haan said. "In addition, Great Lakes states were expected to see a price hike last week, but the hike hasn't happened just yet, leading me to believe it will occur in short order this week and send the national average higher. For the rest of the nation, with oil near $76 per barrel, we will likely see gas price decreases replaced by minor price increases."

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