Cincinnati-area drivers are getting hit with sticker shock at the pump this week.
Prices jumped again on Thursday for the second time in five days, up to $3.69 at many stations.
Speedway led the way, as it usually does, and by late day Thursday many Shell, BP, Marathon, Thornton's and UDF stations were also at $3.69.
Soaring Oil Prices Starting to Impact
Analysts have been expecting a jump since late last week, when crude oil topped $100 for the first time in a year, based on unrest and uncertainty in Egypt.
While not a major oil producer, Egypt controls the Suez Canal, where a large percentage of Saudi oil flows.
Crude oil has not stopped at $100, however, hitting a 14-month high of $105 a barrel on Wednesday.
Gas Futures Respond
It took a few days, but gasoline futures are now 20 cents higher than where they were two weeks ago. So, we are now just starting to see that reflected at the pump.
CNN/Money quotes analysts who say prices could still rise another 30 cents by August if oil doesn't fall back soon. That would raise Ohio prices from $3.69 up to $3.99, the peak they hit in early June due to refinery problems in Chicago.
Those refinery issues have largely been resolved, hence the recent drop in prices to $3.29 in many areas. But if any refinery problems were to redevelop, with oil over $100, we could easily see prices above $4 a gallon.
As always, don't waste your money.
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