Gas prices in Ohio continue to fall but what about Christmas?
CLEVELAND, Ohio (WOIO) -For the first time since February, the national average for a gallon of gas in below $3.50.
In Ohio the news is even better with the average price at $3.22 a gallon.
The nation is still paying about 15 cents more than this time last year.
Prices are expected to continue to decline barring any issues with refineries or the cost of crude oil.
With fewer people driving in the fall and winter months, the demand for gas continues to decline, helping prices.
But with Christmas coming up there could be a slight surge.
“There is sometimes a variation in the price of gas around the holidays as demand goes up,” according to Jim Garrity with AAA. “But, it won’t be anything like what consumers saw earlier in the year when prices hit record highs due to the lower price of crude oil. Crude accounts for 50 to 60 percent of what we pay at the pump.”
Currently crude oil, which is refined to make gasoline, is trading around $80 per barrel.
Any time oil is trading below $100, gas prices tend to fall.
Any time its over $100 prices start jumping.
In the spring and summer when the nation set records, crude oil was trading around $125 which was also a record.
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