Low gasoline prices married with price wars in certain small geographic areas have pushed gas below $1.30 there. The lowest price for a gallon of regular is near Columbus, Ohio, the state’s capital, at $1.23. It is no accident that several stations very close to one another have the same price.
The Speedway, United Dairy Farmers, GetGo, Kroger and Turkey Hill stations, all close to one another, are clearly fighting for customers. The $1.23 price is well below the national average of just below $1.90. The slightly wider region also has prices well below normal. Ten of the 12 locations with the lowest gas prices are in central Ohio.
That national average will go lower, probably much lower. Crude oil prices dropped to $28 a barrel and have spiked up 10% recently. However a year ago, the price was nearly $65 a barrel.
One main reason for the drop in gasoline prices is the sea of available oil, due in part to a flood from Saudi Arabia, and perhaps to falling demand as the global economy slows.
[ims_survey]
Oil is not the only factor. Proximity to refineries is also an issue. The average gas price in Louisiana is $1.67 a gallon. In Oklahoma it is $1.57 and in Texas $1.55. All are near the huge refineries south of Houston and along the Gulf of Mexico, which is dotted by deepwater oil drilling platforms.
Gasoline taxes by state are another factor. The average nationwide is $0.48 per gallon. In Oklahoma it is $0.35. But in Ohio, the number is $0.46, evidence that Columbus is in the midst of a price war that has overwhelmed the effect of high gas taxes in Ohio.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
