COLUMBUS, Ohio – For the first time in nearly four years, the average price of regular gasoline has dropped below $3 a gallon.
According to today’s survey from auto club AAA, the Oil Price Information Service and WEX Inc., the average price of gasoline in Ohio is $2.94, the first time it has fallen below the $3-a-gallon mark since Dec. 21, 2010.
The average price in Columbus is $2.91, the lowest it has been in years, and some stations in Grandview Heights and Upper Arlington were selling it for as low as $2.75 Monday morning, according to ColumbusGasPrices.com.
While Ohioans have seen some stations dip below $3 a gallon a few times since 2010, the average price has remained above this threshold, says Avery Ash, AAA spokesman.
A number factors have pushed prices to these levels, Ash said, including the annual price cycle, when retail prices fall in the autumn because of decreased demand and the switch to cheaper, winter-blend gasoline. Prices usually reach their lowest point in November or December.
This year’s earlier drop is the result of lower crude oil prices caused by strong U.S. oil production, a weak outlook for oil demand growth based on predictions of slower economic growth in other countries and a strong dollar, Ash said.
U.S. refineries have also taken advantage of increased domestic oil supplies to make more gasoline and a quiet Atlantic hurricane season, which has resulted in very few disruptions to refineries, pipelines and oil production.
Barring any unforeseen market-moving news, Ash expects gas prices to remain low through the end of the year.