COLUMBUS – An unexpected slump in demand has caused gas prices to drop.
A daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc. says the average price of regular-grade gasoline in Columbus fell 7 cents in the last two weeks to $2.78 Monday morning, though that is 13 cents higher that the price last Monday.
The average price nationwide fell 3 cents over the same period to $2.91, according to the Lundberg Survey.
Industry analyst Trilby Lundberg said Sunday says the drop comes mostly from lower crude oil prices and generally weak demand for gas across the U.S.
“The recent GDP growth didn’t really translate into a lot of job growth. Gasoline demand, therefore, is not growing; it seems to be stuck,” she said.
The government reported 4.1 percent second-quarter GDP growth on Friday.
The benchmark price of U.S. crude oil crept up on Asian markets early Monday but remained below $69 per barrel.
Lundberg says the average price is 59 cents higher than it was one year ago.