COLUMBUS – The price of gas continues to decline as U.S. oil production increases, with the average price in central Ohio falling below $2 a gallon for the first time since mid-November.
The average retail price of a gallon of regular gasoline Monday morning was $1.91, 11 cents cheaper than the previous week and 58 cents less expensive than on Dec, 30, according to a daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc.
Ohio and other Midwestern states are enjoying some of the cheapest gas prices in the country as gasoline storage increases have paired with a drop in demand, according to analysts.
Additionally, domestic oil production has increased enough in recent weeks to compensate for a production cut by oil-producing countries and has led to falling crude oil prices, analysts said.
The statewide average price of $2.02 a gallon was 33 cents below the price a month ago and well below the national average of $2.27.