GasBuddy: Cincinnati gas prices increasing, won't peak until Memorial Day
Sarah Brookbank
Gas prices in Cincinnati have jumped 16 cents per gallon over the past week, according to a GasBuddy survey of area gas outlets.
Average retail gasoline price in Cincinnati was $2.70 per gallon on Tuesday. According to GasBuddy's daily survey of 637 gas outlets in Cincinnati, prices were up week-over-week and the prices have increased from this time last year.
But why is gas so expensive?
"Expensive crude oil prices, unrest in the Middle East, strong domestic demand, record production rates and global oil supply surplus have created the perfect storm to drive spring gas prices toward new heights,” AAA spokesperson Jeanette Casselano said on April 16.
Gas prices have continued to rise since then and Casselano said gas prices could increase another 5 to 10 cents this season.
According to AAA, gas now costs more than it did in summer 2015.
On Monday, Casselano said this month's gas consumption is "the highest level ever on record for the month of April and exceeds typical summer demand measurements"
As demand skyrockets, Casselano said gas prices will increase more. This week five states saw a double-digit increase in gas prices.
Gas prices in Cincinnati are 28.3 cents per gallon higher than a month ago, GasBuddy said and nationally, gas has increased 15.5 cents per gallon during the last month on average.
"All signs point to some additional upward movement before prices peak and perhaps drop slightly around Memorial Day into the month of June," head of petroleum analysis for GasBuddy Patrick DeHaan said in a statement.
According to GasBuddy historical data, gasoline prices on April 23 in Cincinnati have ranged widely over the last five years:
- $2.42/g in 2017
- $2.14/g in 2016
- $2.37/g in 2015
- $3.68/g in 2014
- $3.65/g in 2013
Areas near Cincinnati and their current gas price climate compared to last week:
- Dayton- $2.69/g, up 14.2 cents per gallon
- Lexington- $2.70/g, flat
- Louisville- $2.73/g, up 8.5 cents per gallon