COLUMBUS – Not every gas station in central Ohio has raised its price to $3 a gallon but you can certainly find many that have without looking to hard.
The average retail price of regular gasoline in Columbus has skyrocketed by 34 cents a gallon since May 7, spurred by rising crude oil prices and strong gasoline demand. The average price Friday morning was $2.97, according to a daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc.
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Ohio gas prices jumped 22 cents during the same period to $2.88, higher than the statewide and national averages. The 15-cent jump from May 7-14 was the largest one-week increase in the nation, the AAA reported.
The benchmark price of U.S. crude oil rose above $71.50 per barrel in trading Thursday, continuing a climb that accelerated last week, thanks in part to the White House’s decision to re-impose sanctions on Iran (see graph).
“The Administration’s move combined with the switchover to summer blend, growing global demand and shrinking supply continues to fuel pump prices as we approach the summer driving season,” said Jeanette Casselano, AAA spokesperson. “AAA predicts that the national average may reach $3/gallon this summer, especially if crude oil prices continue to increase.”
The national average price Friday morning was $2.91 as motorists continue to see the highest prices at the pump since 2014.
Prices in Columbus and the Great Lakes region frequently experience dramatic fluctuations with increases and decreases from week to week, Casselano said.
Gasoline inventories continued to dwindle in the Great Lakes and Central states but are still nearly 1 million barrels above last year’s levels, Casselano said.