COLUMBUS – A boost in demand, coupled with an inventory slump, has driven gas prices to their highest level for August in four years.
“We are likely going to see an end-of summer-pump price rally as inventories continue to tighten, especially on the East Coast,” said Jeanette Casselano, AAA spokesperson, who adds that prices my go higher yet again before the end of summer.
The average price for a gallon of regular gasoline in central Ohio rose for the third straight week, to $2.82 on Monday before falling 4 cents overnight. The price is still 58 cents higher than it was one year ago, according to a daily survey from the auto club AAA, the Oil Price Information Service.
The national average price of $2.86 was the highest price recorded in August since 2014, Casselano said.
Gasoline inventories have tightened over the past four weeks in the Great Lakes region to the lowest measurement for the year, which is still on par with levels last year at this time, she said.