COLUMBUS – Falling temperatures will coincide with falling gas prices as suppliers switch to the less-expensive cold-weather blend of fuel for the winter months.
The U.S. average price of gasoline dropped 27 cents over the past three weeks and industry analyst Trilby Lundberg says further price drops are likely, if crude oil prices don’t skyrocket, because Tuesday’s change to winter grade gasoline comes with a cost cut in much of the country.
“This week brings a change in the formula of gasoline required by government and it cuts costs a bit for refiners,” she said.
According to a daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc., the average retail price of a gallon of regular gasoline in Columbus Monday morning was $2.24, 10 cents cheaper than a week ago and 41 cents less expensive than three weeks ago, during a price spike caused by an unscheduled refinery shutdown.
Pump prices fell even though crude oil prices gained strength, as gasoline supply outweighed demand, Lundberg said Sunday.
The statewide average price of $2.22 in Ohio was 11 cents below the national average and 63 cents cheaper than on Aug. 14, according to the survey.