(COLUMBUS) – Gas prices that plummeted late last week rebounded over the weekend on word that more of the world’s oil-producing countries had agree to cut production.
The average price of a gallon regular gasoline in Columbus Monday morning was $2.27, only 3 cents higher than the price the previous Monday, but 17 cents higher than Friday’s price, according to a daily survey by the auto club AAA, the Oil Price Information Service and WEX, Inc.
The hike reflects rising wholesale and futures prices. The benchmark U.S. price for crude oil surged nearly $2.50 Friday to just under $54 per barrel after the Organization of Oil Exporting Countries, OPEC, persuaded 11 non-member nations to reduce their production starting at the first of the year in an attempt to raise low prices.
The local and statewide average prices are 30 cents higher than they were on Dec. 12, 2015.
The nationwide price of $2.21 a gallon was 3 cents higher than last Monday and 19 cents above last year’s average.