Columbus gas prices go up before end of 2023
COLUMBUS, Ohio (WCMH) — For the first time in months, gas prices in Columbus went up entering a new week as we approach the end of 2023.
According to GasBuddy, Columbus gas prices went up 23.3 cents per gallon to hit an average of $2.94 a gallon. It is the first time in five weeks that gas prices in Columbus have risen.
The current price is 10.5 cents lower than one month ago and 10.8 cents higher than this time one year ago. In Ohio, the average price of gas increased by 20.3 cents to $2.88 per gallon, while nationally, gas prices went up for the first time in 13 weeks by 2.9 cents to $3.07 per gallon.
The cheapest gas station in the Columbus area was priced at $2.48 a gallon, while the most expensive was $3.09. According to Patrick De Haan, head of petroleum analysis at GasBuddy, a combination of the Fed’s likelihood to drop interest rates in 2024 and the recent Houthi attacks on vessels at the Red Sea is the main causes of the price jump.
“After 13 straight weeks of decline, average gasoline prices have edged higher due to optimistic comments from the Fed on cutting interest rates in 2024, coupled with Houthi attacks on vessels in the Red Sea, boosting concerns of a disruption to global shipping, including oil shipments,” he said. “For now, the price of gasoline has already jumped, but could ease slightly this week ahead of the New Year.”
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