COLUMBUS – Gas prices in Ohio and the Midwest continue a long pattern of flip-flopping as the law of supply and demand struggles to assert itself in the wake of hurricanes and other problems that have caused rapid changes to the inventories of gasoline in the region.
According to a daily survey by the auto club AAA, the Oil Price Information Service and WEX, Inc., the average price for a gallon of regular gasoline in Columbus Monday morning was $2.30, 14 cents cheaper than a week ago. That drop came on the heels of a 21-cents drop between Oct. And last Monday, which had been preceded by a 14-cent increases between Oct. 2 and Oct.9.
And so on, and so on…
AAA analysts say Ohio is among the 15 least expensive gas markets, but has seen price increases due to refinery maintenance and a steady decline in gasoline inventories.
Gas prices in the Great Lakes and Midwest region have been volatile throughout the year due to varying factors, such as demand, hurricane impact and inventory levels, during which time analysts say production has kept up with – but not exceeded – demand.
Ohio’s statewide average price of $2.32 a gallon was down 7 cents in one week but 27 cents higher than the price one year ago.
The national average price of $2.46 was 24 cents higher than last year.