It was just a couple of weeks ago drivers were enjoying the lowest gas prices in a year. It seemed that gasoline for less than 3 bucks a gallon could be the future.
That's all changed, almost overnight, as Cincinnati area gas prices this week soared to $3.59 a gallon at most stations.
And that may not be the end of it.
Workers Feel the Pinch
John Hoegh is a contractor who has to pay for his own gas in his work truck. This sudden jump is hurting his income.
"This is going to cost me 85 bucks, and that gets me through just a week of work," Hoegh said.
Gas prices are up 50 cents since early January, and drivers we spoke with are already starting to cut back how much they buy.
"I'm only getting $20 worth instead of filling my tank, hoping they will go back down," Elaine Whitaker said. "Normally I'd fill it up."
Who's to Blame?
Many Cincinnati area drivers have been blaming Speedway, since they are the first to raise prices. But they're not the ones causing the spike.
According to Gas Buddy.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 3 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 2 months early this year, which is not good news for drivers.
As always, don't waste your money.
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