COLUMBUS – As the New Year ushered in the cheapest nationwide average price in three years, Ohioans were enjoying some of the lowest gas prices in the U.S.
Even after a 6-cent spike overnight, the statewide average price Friday morning was $1.99 a gallon. During the past 10 days, gas prices have dropped by 14 cents in Ohio, the second-largest price drop in the nation.
Trends indicated that those prices will likely remain low for at least the first half of the month, thanks to oil prices that are 40 percent lower than in June, but what will happen after that is in doubt.
“With OPEC production cuts slated to take effect this week, analysts will closely be watching the price of oil,” said Jeanette Casselano, AAA spokesperson. “Significant movement toward higher market prices would mean cheaper gas prices could be in the rearview mirror.”
The price-tracking website GasBuddy.com predicted prices will reach $2.70 by summer but will probably decline later this year.
The average price in Columbus jumped 14 cents overnight to $1.97 a gallon on Friday morning, according to a daily survey from the auto club AAA, the Oil Price Information Service and WEX, Inc.
That price is 48 cents lower than on Jan. 4, 2018, and well below the national average price of $2.25.