The advantages of price cycling: Central Ohio gas prices take a tumble
COLUMBUS, Ohio (WCMH) — Price cycling is often to blame for when central Ohio gas prices take large jumps, but it’s also the reason why they take large dips.
According to GasBuddy’s survey of 500 stations in and around Columbus, Ohio, gas prices fell 19.1 cents in the last week, erasing the previous week’s incline, to average out at $2.88 per gallon. The current price is 42.1 cents lower than four weeks ago as well as 35 cents lower than this time one year ago.
The cheapest gas station in the Columbus area was priced at $2.41 a gallon on Sunday, while the most expensive was $3.29, a difference of 88 cents per gallon. In Ohio, the average price of gas also dropped by 17.2 cents from $3.02 per gallon to $2.84 per gallon.
Nationally, gas prices also fell slightly by 5.8 cents per gallon to average out at $3.08. The price of diesel followed suit with a decline of 1.3 cents, settling in at $3.65 per gallon.
Barring any major setbacks due to weather or refinery issues in the Midwest, GasBuddy’s head of petroleum analysis Patrick De Haan says that prices throughout the county, including in Ohio, should drop below the $3 per gallon mark in future weeks after another round of price cycling, a common practice among several mid-western states in which prices at the pump rise in bulk every few weeks, but then drop in between abrupt fluctuations.
“Price cycling markets led the way with significant declines in Ohio, Florida, and Michigan, while Indiana experienced a price cycle that resulted in the largest weekly increase of any state last week,” De Hann said. “For now, seasonal factors will remain the primary driver of relief at the pump, though we continue to monitor the tropics for any potential disruptions to seasonal trends.”