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Gas prices jump 25 cents as oil soars

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Tri-State Gas Prices

Did you enjoy those cheap gas prices around the Cincinnati area this week?

As we warned over the 4th of July holiday, it turned out they did not last long.

Gas prices fell to $3.39 at most stations on Monday, July 2, and as low as $3.05 in Delhi Township and other areas of Cincinnati's West Side.

But prices began spiking 20 to 25 cents on Thursday, as Speedway reset the price at $3.59 for regular at all its Cincinnati and Northern Kentucky stations.  Other stations are beginning to follow Speedway up.

Crude Oil Soars

The price of crude oil has made an unexpected jump this week, from $79 to $87 a barrel, on new fears about Iran and supplies, after Europe tightened sanctions over the weekend.

Also, analysts say oil prices fell too quickly, and some of the rebound is a natural "bounce back" effect.

The last time oil was at $87, at the end of May, we were paying $3.79 at the pump in Cincinnati.

But a spike in oil prices, coupled with a big holiday week means that the low prices we've enjoyed the past week won't stick around much more.

You know what I say: "Doesn't that stink."

And don't waste your money.  

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