Although gas prices are the lowest they’ve been in months, motorists have less reason to celebrate than they did a year ago.
Last year ended with gas prices significantly lower than they were at their height in May, but they are still 21 cents per gallon higher than the U.S. average price recorded at this time last year, according to GasBuddy.com, a gas price tracking website.
“There has been an increase in consumption from countries like China. That’s putting a pinch globally on supply,” said Patrick DeHann, a Senior Petroleum Analyst for GasBuddy. He added that conflicts in Iran and Libya have also affected supply, leading to higher prices.
The average price of gasoline in the U.S. on Jan. 3rd, 2012 was $3.26 per gallon, compared to $3.11 per gallon on Jan. 1, 2011.
Between those dates, the peak price of gasoline for the year was $4.16 per gallon on May 3.
The difference between the highest and lowest prices of 2011 — 105 cents — is a much larger variation when compared to 2010, which was a relatively stable year, said DeHann.
“There has to be a point where Americans have to be willing to buy less gasoline, it’s a function of economics,” said DeHann. “Prices will go up in the future as long as Americans are willing to pay.”
The average price of gas in Ohio during 2011 was $3.47 per gallon while the average was $2.72 per gallon in 2010.
The substantial increase is partially attributed to the fact Ohio citizens pay 46 to 47 cents of taxes for every gallon they buy, said DeHann.
On Jan. 4th, the price of gas in Athens County was between $3.37 per gallon and $3.46 per gallon — 11 to 20 cents above the national average.
