COLUMBUS – The price of gasoline in central Ohio dropped Monday morning for the first time in seven weeks.
The average price of a gallon of regular gas in Columbus Monday morning was $2.63, 17 cents lower than a week ago but prices at the pump are still at four-year highs, according to a daily survey by the auto club AAA, the Oil Price Information Service and WEX, Inc..
Oil industry analyst Trilby Lundberg’s biweekly survey of gas stations showed a 7-cents jump over the past two weeks to the highest average price since November 2014.
Lundberg says the increase is largely driven by higher crude oil costs and the phasing-in of summer-grade gasoline, which is used to prevent smog. While the changeover to the more expensive summer-blend fuel is already reflected in the retail price, the price of crude oil remains unpredictable.
“It can’t be known whether political risks are built into the price fully, such as the situation with Iran and some other oil-producing nations” Lundberg said.
She says, if oil prices stop their climb, so should gas prices, but the AAA’s analysts predicted last week that drivers could see another 10 cents a gallon added to the price by Memorial Day.
The statewide price in Ohio fell 9 cents since last week to $2.66 while the national average price of $2.81 a gallon was unchanged from last week.
The Columbus price was still 48 cents higher than this time last year.