COLUMBUS, Ohio – After weeks of declines, central Ohio gas prices are higher as drivers prepare to travel for the Thanksgiving holiday, but relief could be on the way thanks to an agreement involving Iran’s nuclear program.
According to a daily survey from the AAA, the Oil Price Information Sevice and WEX, Inc., the average price of a gallon of regular gasoline in Columbus Monday morning was $3.24, four cents higher than a week ago and 18 cents higher than on Nov. 11.
World oil prices could be headed lower after a preliminary nuclear deal between Western nations and Iran, even though the deal does not loosen sanctions on Iran’s oil exports. The deal may make it easier for Iran to sell the oil it is already allowed to sell, which would increase supplies.
It also raises the possibility that a more comprehensive agreement would eventually allow Iran to restore oil production to pre-sanctions levels, which could add 1 million barrels per day of oil to world markets, enough to meet the entire global growth in demand for 2014 projected by the International Energy Agency.
After nine weeks of falling gas prices, the average U.S. price of a gallon of gasoline is up three cents over the past two weeks, according to the Lundberg Survey of fuel prices released Sunday. The survey shows the price of a gallon of regular is $3.25.
Industry analyst Trilby Lundberg said it’s the first price hike since Sept. 6.
ColumbusGasPrices.com reports prices that range from a low of $3.04 a gallon on the West Side to a high of $3.29 in several communities.