COLUMBUS, Ohio (WCMH) – Nearly every state across the country experienced price reductions in gasoline, with the exception of a few, including Ohio, thanks to price cycling.
According to GasBuddy’s survey of 500 stations in and around Columbus, the average price at the pump jumped by 13.8 cents last week to reach $3.05 per gallon. The current price is 6.7 cents per gallon lower than four weeks ago and 22 cents lower than this time one year ago.
Columbus Gas Prices Tracker
The cheapest gas station in the Columbus area was priced at $2.56 a gallon on Sunday, while the most expensive was $3.29, a difference of 73 cents per gallon. In Ohio, the average price of gas also rose by 10.7 cents from $2.89 per gallon to $3.00 per gallon.
Nationally, gas prices dropped by 1.8 cents per gallon to reach $3.07. The price of diesel followed suit with a decrease of 1.7 cents, settling in at $3.45 per gallon.
What is price cycling?
Other than the handful of price cycling hiccups, the overall summer trend looks stable, according to GasBuddy’s head of petroleum analysis Patrick De Haan.
“Average gas prices declined in nearly all states over the last week as refineries ramped up output and gasoline supply surged,” said De Haan. “While a few states experienced price cycling—a pattern where prices drop sharply and then spike every couple of weeks—the overall gentle downward trend is typical as summer progresses. If oil prices continue to rise gradually, it could eventually impact gas prices, but for now, we likely won’t see any major shifts at the pump in most areas this week.”
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