Updated Mon, Aug 22, 2011 8:33 am
Pump prices have gone down another five cents in Ohio over the last week as declining oil prices take gasoline along for the ride.
Monday's survey from auto club AAA, the Oil Price Information Service and Wright Express shows regular-grade gasoline is averaging $3.51 a gallon statewide, compared to $3.56 a week ago. A year ago, Ohio motorists were paying $2.58, on average.
The cost of gasoline in the state has dropped 16 percent since May 4, when regular reached a record $4.16 per gallon.
Oil Price Information Service Retail Pricing Director Fred Rozell says gas could be around $3.25 a gallon by Labor Day and may drop as low as $3.15 by the end of the year.
Oil prices have been sliding on fears that another recession could cut demand for energy.