COLUMBUS, Ohio – The average price of gas in Ohio has dipped below $2 per gallon for the first time in more than five years.
The average for a gallon of regular gas fell to $1.99 in Wednesday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. Ohio is one of only four states where the average price has dropped below the $2 threshold.
The statewide average hasn’t been below $2 since April 28, 2009, when it was $1.98, says Ohio AAA spokeswoman Kimberly Schwind.
She says back then, the recession was a key factor. This time, Schwind says prices have been dropping for months because of an oversupply of crude oil worldwide. She says there’s also a seasonal element, as gas prices tend to be lower during winter.
Ohio’s price is the lowest in the Midwest and only Indiana, Missouri and Oklahoma boast average prices as low or lower. Kansas and Michigan are right at the $2 mark.
The price in Columbus Wednesday morning was $1.91, cheapest in the state. Motorists in Youngstown are paying the highest for their fuel at $2.11 a gallon.
The national average Wednesday was $2.26 per gallon, down from $2.35 last week and $3.32 a year ago.
The national average price has fallen 97 days in a row and prices have plummeted nearly 40 percent since the start of June, AAA public relations manager Michael Green wrote in his weekly column.
Green says the global oil market remains in a state of perceived oversupply due to record production from the U.S. combined with lower than expected global demand.