Gasoline prices fall, but could get lower
Gas prices in Columbus and statewide dropped more this week and may continue down, according to AAA of Ohio.
The average price of regular unleaded gasoline was $4.27 per gallon in Franklin County Tuesday, down from a record high of $5.09 per gallon on June 7, AAA reported.
Drivers can expect prices to continue to fall, at least in the short term, said Kimberly Schwind, director of public affairs for AAA of Ohio.
The price of crude oil, which is set by global markets, accounts for more than half the price of a gallon of gasoline, she said. A barrel of crude oil now sits at roughly $90, down from $120 earlier this summer.
The drop is driven by decreased demand as Americans cut back on travel, and fears of a recession and more inflation creeps ever higher, Schwind said.
“We’ve seen a dramatic decrease in prices, but they’re still a lot higher than many people’s budgets can handle,” she said.
Gas costs are set to keep going down as long as demand keeps falling, Schwind said. But unforeseen circumstances could push prices back up.
“We are in the midst of hurricane season,” she said. “If a major hurricane were to take our refining capacity, we could see those prices go back up.”
Statewide, the average price of a gallon of gasoline is $4.33, about a dime lower than the national average, according to AAA. The statewide price crept above $5 per gallon in Ohio for the first time ever last month.
Despite the drop, fuels costs are still too high for Aaron Paul, 35, who lives in Dublin and commutes to Down
town.
“I’m working from home as much as I can,” he said as he filled up at a Getgo station on Fifth Avenue Tuesday morning.
Paul said he and his wife stopped spending money on some non-essentials to help compensate for fuel costs.
“We used to go out to eat a couple of times a week; now we only eat at home,” he said. “And we’re trying to spend less on groceries.”
In a survey of 1,051 American drivers conducted by AAA in the spring, 59% said $4 per gallon was the tipping point at which their driving habits change and they cut unnecessary expenses from their budgets.
Ohio’s lowest gas prices are in Circleville, according to Gasbuddy. Gas stations advertised prices as low as $3.70 per gallon Monday.
Most stations remained above $4 per gallon in Franklin County, but a Sheetz station on Seldom Seen Road in Powell advertised regular unleaded gasoline for $3.75 per gallon Tuesday, according to Gasbuddy.
pcooley@dispatch.com