Cincinnati gas prices jumping to $3.85

Don't Waste Your Money

The pain at the pump just won't let up this winter of 2013.

Spanning the last five weeks, Cincinnati-area gas prices have now risen five times, each time bumping up another 10 to 5 cents per gallon.

On this eve of the Presidents' Day holiday, stations are moving up again. Speedway insiders tell us Cincinnati Speedway stations received an email alert Friday morning telling them to raise prices to $3.85 per gallon for regular, its highest price since early last fall.

Only six weeks ago at the start of January, many stations were at $2.89 per gallon, nearly a dollar less.

Other stations, from BP to Shell to Marathon, are now following Speedway's lead.

Fifth Straight Week of Price Hikes

Prices are now 40 cents per gallon higher than this same time last year, according to AAA.

But it's not limited to the Cincinnati area. Gas prices nationwide are also up sharply, and are at a historic high for the month of February.

While prices are usually at their lowest point of the year in the winter, that was not the case this year because of rising crude oil prices (from $89 to $97 per barrel since New Year's Day), and refinery shutdowns for maintenance and the switchover to more expensive summer blend fuel (which starts on Feb. 1 in many states).

However, the U.S. Department of Energy still predicts that this summer's gas prices will be lower than last year's.  They won't be, however, if if they continue rising at this rate.

For the lowest gas prices in Cincinnati, check Gas Buddy;s gas price page on WCPO.com.

As always, don't waste your money.

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