COLUMBUS – The price of gasoline in central Ohio increased for the seventh consecutive week as nationwide prices hit their highest levels in more than three years, according to one analyst.
The average price of a gallon of regular-grade gas Monday morning was $2.80, 9 cents higher than a week ago and 50 cents higher than it was on March 19, according to a daily survey by the auto club AAA, the Oil Price Information Service and WEX, Inc.
The weekly increase happened in one day: The price jumped 10 cents between last Thursday and Friday to $2.74.
“Motorist have been spoiled the past few years with inexpensive gas prices,” said Jeanette Casselano, AAA spokesperson. “We expect prices to continue increasing, potentially another 10 cents, through Memorial Day and then will likely stabilize during the summer, with the understanding that if demand spikes, prices are likely to follow.”
The nationwide average price of $2.81 is the highest since November 2014, Patrick DeHaan, head of petroleum analysis at GasBuddy.com, said in a tweet Sunday.
Not welcome news: the US national average is now at its highest since November 2014. #gasprices pic.twitter.com/YySFcEw7EV
— Patrick De Haan (@GasBuddyGuy) April 29, 2018
Five states, including Ohio, saw double-digit price jumps from April 16 to the 23rd (see graph above) as demand even exceeded typically seen during the busy summer months.
Experts have said that – with a run-up in oil prices and the more-expensive summer blend of fuel already factored into retail prices – that the price at the pump has probably peaked for the time being.