‘Price cycling’ hits Columbus hard with second spike in gas prices over three weeks
COLUMBUS, Ohio (WCMH) – The average price for a gallon of gasoline in the Columbus area spiked for the second time in three weeks, this time by nearly 20 cents a gallon.
According to GasBuddy’s survey of 500 stations in the Columbus area, the average gas price jumped by 18.6 cents per gallon to an average of $3.58. The recent increase follows a one-week drop of 9.7 cents, but also an increase of 22 cents per gallon two weeks ago.
The current price is 15.8 cents per gallon higher than one month ago and 17.1 cents per gallon higher than this time one year ago. In Ohio, the average price of gas also jumped by 18.2 cents per gallon, from $3.34 per gallon to $3.52 per gallon.
The cheapest gas station in the Columbus area was priced at $3.15 a gallon, while the most expensive was $3.79, a difference of 64 cents per gallon. Nationally, gas prices also rose, but by only a nickel to $3.46 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, said the increase is due to “price cycling”, a common practice among several mid-western states in which prices at the pump rise in bulk every few weeks, instead of daily with incremental prices fluctuations.
“While the increases have been fairly tame, with oil continuing to hold above $80 per barrel, we could continue to see the national average climb slightly,” De Haan said. “Other areas that see price cycling saw prices shoot up early in the week, but those areas are now starting to see prices fall back down.”
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