Ohio Gas prices could fall further, providing some relief for strained budgets
Gas prices are falling, but for many individuals like Nikole Gerber, costs remain too high.
Before prices spiked earlier this year, Gerber and her boyfriend considered buying a car. Between inflation and fuel, they can't afford it, she said.
Now the Orrville resident shares a car with her mother, who drives her to work and home twice a day.
Falling costs: Gas prices in Columbus and Ohio fall ... and may continue to drop
"It's hard in a big car that goes through fuel and has a bigger tank," Gerber said.
To balance the budget, Gerber and her boyfriend cut back on subscriptions, entertainment and extra traveling.
The average price of unleaded gasoline across Ohio on Wednesday was $4.30 per gallon, nearly 16 cents less than the national average and down from the state average of $4.98 one month ago, AAA reported.
Average prices range from $4.20 in Holmes County to $4.15 in Wayne and $4.36 in Ashland counties, according to AAA.
Prices in all three counties peaked during the summer at around $5 or more per gallon.
Prices could continue to fall in the short term, AAA of Ohio Director of Public Affairs Kimberly Schwind recently told the Columbus Dispatch.
Why are gas prices going down?
The price of crude oil, which is set by global markets, accounts for more than half the price of a gallon of gasoline, she said in a dispatch story. A barrel of crude oil now sits at roughly $90, down from $120 earlier this summer.
The five-week drop is driven by decreased demand as Americans cut back on travel, Schwind said. Fears of a recession and near-record-high inflation numbers are also keeping oil prices down, she added.
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"We've seen a dramatic decrease in prices, but they're still a lot higher than many people's budgets can handle,” Schwind said.
Gas costs are set to keep going down as long as demand keeps falling, she said. But unforeseen circumstances could push prices back up.
"We are in the midst of hurricane season," Schwind said. "If a major hurricane were to take our refining capacity, we could see those prices go back up."
And a better-than-expected earnings report from several major American corporations on Tuesday could encourage oil producers to increase prices, said Patrick De Haan, the head of petroleum analysis for GasBuddy, in a Columbus Dispatch story.
"That could reduce the risk of the economic slowdown that many have been looking for," he said. "The coast is not clear."
High gas prices have changed driving habits
Despite the drop, fuel costs are still too high for Aaron Paul, 35, who lives in Dublin and commutes to Downtown.
“I’m working from home as much as I can,” he told the newspaper as he filled up at a GetGo station on Fifth Avenue Tuesday morning.
Paul said he and his wife stopped spending money on some non-essentials to help compensate for fuel costs.
“We used to go out to eat a couple of times a week; now we only eat at home,” he said. “And we’re trying to spend less on groceries.”
In a survey of 1,051 American drivers conducted by AAA in the spring, 59% said $4 per gallon was the tipping point at which their driving habits change and they cut unnecessary expenses from their budgets.
Where to find the cheapest gas in the tri-county area
The cheapest gas in Wayne County is $3.59 at Sheetz in Burbank, according to GasBuddy.
Marathon in Ashland has gas for $4.19, GasBuddy reports.
Both BellStores in Millersburg are selling fuel for $4.19 a gallon, according to GasBuddy.
Reach Bryce by email at bbuyakie@gannett.com
On Twitter: @Bryce_Buyakie
This article originally appeared on The Daily Record: Ohio gas prices decline and could continue to fall in Ashland, Wayne
