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Cincinnati-area gas prices spiking to $3.15. Here's why

Perfect storm of crude oil prices, summer driving, tanker shortages
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Posted at 11:22 AM, Jun 08, 2021

CINCINNATI — The highest gas prices the Cincinnati-area has seen in seven years have just jumped even higher, surpassing their Memorial Day peaks.

As of Tuesday morning, Speedway, Marathon, Kroger, BP, and other stations were raising the price of regular gas to $3.15 a gallon in many places.

No areas were immune: GasBuddy.com reports $3.15 gas popping up from Delhi Township on the West Side to Anderson Township on the East Side, as well as many parts of Butler and Warren County.

This means drivers are now paying well over $1 more per gallon than a year ago, when gas prices plunged below $2 during the COVID-19 lockdowns.

A mid-sized SUV fill-up will now cost you about $25 more than this time last year.

Prices in Northern Kentucky were cheaper, however, with most stations still in the $2.89 to $2.95 range on Tuesday.

CLICK HERE for WCPO.com's interactive map of real time gas prices.

Why a price jump after the holiday?

The jump was unusual, since gas prices typically peak on Memorial Day and then decline in the next couple of weeks.

However, AAA says surging world crude oil prices have upended the typical springtime price cycle.

Due to soaring demand worldwide as the pandemic eases, crude oil briefly passed $70 a barrel on Monday, and some analysts predict it could soon reach $100 a barrel.

AAA national spokesman Mark Jenkins said, "Rising crude oil and gasoline futures could drag retail gasoline prices higher this week."

In addition, last month's Colonial Pipeline shutdown is still having a small impact on supplies, and a nationwide trucker shortage is also causing thin supplies in some areas, AAA says.

What's also unusual this time is that Cincinnati gas prices are now about to move higher than the national average of $3.05 a gallon.

What's next?

AAA believes this spike should be temporary, but it appears we won't see $2.50 gas again for quite some time.

Of course, it could be worse. Drivers in California are already paying $4 a gallon in most areas.

As always, don't waste your money.

CLICK HERE for GasBuddy.com's list of the current lowest prices in the Cincinnati area.

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