Low nationwide gas prices have reached Athens, but their cause and their endurance is still relatively murky.
Though the nation’s historically low gas prices have hit Athens, experts aren’t sure how long they’ll be around.
The current average price of regular gasoline in Ohio is $1.91, down $1.41 from last January, according to GasBuddy.com.
Meanwhile, gas prices in West Virginia are currently as high as $2.25, and Pennsylvania is seeing gas prices closer to $2.40 — though that’s still down from the states’ normal prices.
Athens’ current average is $1.94.
A November 2014 report from the American Petroleum Institute said unrest in the Middle East, where 21 percent of gas used in America is imported from, caused both a higher demand in gas and a reduced supply that pushed prices up in recent years.
The report attributed the current downturn in prices to growth in oil supplies, largely from within the U.S., outpacing the growth in global demand.
Ben Stuart, executive director of the Institute for Sustainable Energy and the Environment at Ohio University, said he is wary of supply-and-demand claims.
“A lot of politics go into the relationship between oil prices in the political arena — sometimes just supply and demand works, and demand is comparatively low currently,” Stuart said. “But it’s usually more than that — it’s the political games of the providers. Even the experts are a little bit surprised that the $50 barrel has stayed around as long as it did… enjoy it while it’s here.”
Currently, crude oil is $48 per barrel, but NASDAQ trend charts show average oil prices ranging from $80 to $120 per barrel in the past five years.
Stuart believes crude oil will return to the $80 to $100 price per barrel within a year, which he said is actually a “more appropriate and realistic price for the economies of the world to work fairly.”
Joe Knopp, an employee at the BP on Stimson Avenue, said his gas station sets its prices based on the rates at competing stations.
“I once asked one of the gas trucks that pulled up why gas was so expensive down here, and they claimed it cost a lot to ship to Athens,” Knopp said. “It’s certainly not so bad now.”
Stuart said that accessibility is only one of the factors in regional gas prices.
“Honestly, you don’t have to go to Columbus or even much farther than a little outside of Athens to get cheaper gas prices,” Stuart said. “But with the current distance between statewide averages and Athens averages being only a couple cents — it used to be a 30 to 40 cent difference back when prices were around $3 and $4 a gallon — it hardly matters.”
Residents of Athens are certainly enjoying the price drop, whether it’s here to stay or not.
“I absolutely love the low gas prices. I get excited to fill up,” said Katie Black, frequent customer at the BP on Stimson. “I love to see how much money I’ve saved nowadays compared to usual.”
And regardless of the price, Knopp said he usually sees a steady stream of customers.
“On a Monday we might get 400 customers, on a Saturday we might get 2,400,” Knopp said. “But no matter how much or how little gas costs, it’s one of those things you’ve still got to have.”
@MCTilton
mt522913@ohio.edu
