COLUMBUS, Ohio – Drivers who have shelled out to fill up all summer long are finally seeing some relief at the gas pump and analysts predict prices will continue to fall.
A gallon of regular gas in Columbus was averaging $3.42 in Monday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. That’s down 13 cents from a week ago, and is about 8 cents cheaper than this time last year.
This summer was the fifth most-expensive at the gas pump with the price nationwide averaging $3.58 per gallon between Memorial Day and Labor Day.
Industry analyst Trilby Lundberg said Sunday that falling crude oil prices have driven the decline in prices over the past couple of weeks. . If crude prices don’t rise, she says prices at the pump may fall more as refiners shift to winter-grade gasoline, which costs less to produce.
AAA analysts agree, saying that – as the summer driving season comes to a close and refineries switch to production of winter-blend fuel — prices could drop 10 to 20 cents by the end of October.
“The big crunch in summer travel is done and most of us can look forward to lower gas prices during the next few months. If we can get through September without any major refinery or overseas problems, we should see more gas stations drop below $3.00 per gallon this fall,” said AAA spokesman Avery Ash.
The Ohio average of $3.43 is just below the national average, which was $3.44 on Monday, or about the same as a week ago.
Among Ohio’s metropolitan areas, the Toledo area has lowest average at about $3.34 per gallon. Cincinnati drivers were paying the highest price at $3.46.