Another week, another price hike at the pump for Cincinnati-area drivers.
Prices on Monday, Feb. 4, are moving up to $3.69 for Regular at many southwest Ohio and Northern Kentucky gas stations.
Speedway, Ohio's largest gas retailer, led the price hike as usual, with BP, Shell and others now following. This follows a jump last Friday in the Indianapolis market to $3.79. Just as with the weather, Indy is usually a harbinger of what's to come in Cincinnati.
As of Monday afternoon, most area Kroger stores were still at $3.42, but that could change at any time.
And that may not be the end of it.
According to GasBuddy.com, we're being hit by two factors:
1: Crude oil prices have soared from $92 to almost $100 a barrel, as world economies improve, closing at $97 on Jan. 30.
2: US wholesale gas prices have hit a three-month high, with several California and Chicago refineries closed for maintenance, and Hess Oil permanently closing an east coast refinery.
Gas futures are now at their highest level since October. What it all means is we are seeing our annual spring jump in gas prices two months early this year, which is not good news for drivers.
As always, don't waste your money.
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