CHILLICOTHE, Ohio — Drivers in central Ohio are getting a welcome respite from high fuel costs as gasoline prices have seen a substantial decline, with many stations now offering rates below $3 per gallon.
As of Monday, the average gasoline price stood at $3.13 per gallon in Ross County and $3.16 across the state, according to data from AAA. In Pickaway County, motorists enjoyed prices as low as $2.99 per gallon.
In the past month alone, the state has witnessed a price reduction of nearly 40 cents per gallon. Year-on-year, today’s prices are a significant 66 cents less per gallon.
This downturn in prices is especially noteworthy given the recent conflict in the Middle East involving an attack by Hamas on Israel. Though oil prices did witness a surge by several dollars per barrel last week, the increase was not as dramatic as the approximately $40 per barrel surge observed last year following Russia’s invasion of Ukraine. That previous spike led to gasoline prices exceeding $5 per gallon in Ohio.
Backing this trend, the U.S. has seen its oil production reach unprecedented levels this month, amounting to 13.2 million barrels per day, based on federal government data.
While the current low prices offer a break for motorists, there’s a possibility they might not linger for long. The upcoming days may see shifts in gasoline prices, potentially setting the stage for a spring price surge.