COLUMBUS – Ohio motorists, who have suffered the nation’s highest price hikes at the gas pump, got some relief this week as retail prices dropped for the first time in four weeks.
The average price for a gallon of regular gasoline Monday morning in Ohio was $2.70, 13 cents cheaper than a week earlier, according to a daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc. That drop — largest in the nation — came on the heels of an 11-cent jump between June 16 and July 16, the largest increase in the nation.
The average price in Columbus fell 4 cents since July 16 to $2.65.
“July gas prices have been on a roller coaster ride, but appear to be on a downward slope at the moment. If demand and supply stay consistent, prices have the potential to stabilize barring any major events – geopolitical or natural disasters,” said Jeanette Casselano, AAA spokesperson.
While gas prices have a tendency to trend after the Fourth of July holiday, crude oil prices nearly $25 more per barrel than a year ago have pushed gas prices higher but Casselano says the crude price dropped below $70 per barrel for the first time since June..
The nationwide average price of $2.84 a gallon was the lowest since May but 56 cents higher than in 2017, the auto club said.