COLUMBUS, Ohio – After suffering through a serious run-up in gas prices last month, central Ohio drivers are enjoying the lowest prices in nearly six months.
And a new study shows those drivers with new cars are getting more out of those prices than those with older models
The average price for a gallon of regular gas in Monday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc., was $3.45, 12 cents cheaper than a week ago and the lowest average price since early February.
The statewide average of $3.56 was 7 cents cheaper than a week ago, but also notably higher than the average of about $$3.38 per gallon at this time last year. Ohio has seen the third-largest year-to-year price increase in the nation – 32 cents — according to AAA public relations manager Michael Green
Monday’s national average was higher than the state average at about $3.66 per gallon, down 2 cents from a week ago.
As the week opened, oil fell below $104 per barrel as expectations of increased supply offset strong U.S. job growth.
The AAA predicts that gas prices this July will remain high due to increased crude oil costs and rising summertime demand. The auto club expects the national average price of gas in July will range from $3.60 to $3.70 per gallon, primarily because Iraqi violence has increased global petroleum costs.
New research from the Consumer Federation of America finds the average fuel economy of new cars has improved by 20 percent in the past four years, spokesman Jack Gillis said.
Drivers of 2008 models typically spend about $2,300 dollars a year while those driving a typical 2014 model are spending about $300 dollars less and he says savings should only increase as manufacturers improve fuel efficiency.
“By 2020, you’ll be spending just under $1,800. So, there’s tremendous good news out there, from both the fact that consumers are demanding more fuel-efficient vehicles and buying them, but more importantly, car makers are offering them,” Gillis said.
More fuel-efficient vehicles, such as hybrids that use gasoline and electricity, are saving their owners about $500 more a year.