COLUMBUS – News that the world’s major oil-exporting countries were planning to slash production sent gas prices soaring in central Ohio.
The average price of a gallon of regular gasoline in Columbus Monday morning was $2.18, the highest since early October, according to a daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc.
That price is 17 cents higher than a week ago.
Industry analyst Trilby Lundberg says refiners have had little time to react to last week’s announcement by major oil-producing countries that they would reduce output so many retailers had yet to see big price increases.
Lindberg says to expect higher prices, but says they also might fall if financial markets don’t believe the cuts will stick.
The statewide average price of $2.16 was 13 cents higher than the price last Monday aned was 5 cents lower than the national average.