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Cincinnati gas prices spike again, hit $3.49 a gallon at many stations

Iran conflict pushes crude oil to $90 a barrel
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CINCINNATI — Cincinnati area gas prices have surged for the second time this week, with many stations now charging $3.49 a gallon — up 30 cents from $3.19 just days ago and above the new national average of $3.32, according to AAA.

The latest increase puts local prices at their highest point since last summer.

Just a month ago, the average price was $2.84, with many stations even lower.

Stations from Withamsville on the east side to Price Hill on the west side have climbed to $3.49, driven by a 35% surge in crude oil prices in just one week.

Drivers WCPO spoke with said they knew Iran was the reason for the spike — but they were not happy about paying more.

"We are going to a hockey tournament this weekend, driving an hour away and not thrilled to be paying a lot more. But it is what it is," said one driver filling up in Newport, Kentucky.

The bombing of Iran and subsequent counterattacks across the Middle East have caused crude oil to surge from $60 a barrel a few weeks ago to almost $90. Iran has also essentially shut down the Strait of Hormuz, further driving up prices.

20 percent of the world's oil passes through the strait, causing crude prices to spike even further.

WATCH: Why gas prices are surging in the Cincinnati area

Cincinnati area gas prices surge as war in Iran continues

Possible solutions to lower prices

President Trump is promising to insure tankers willing to take the risk of passing through the strait and is offering them Navy protection.

There is also some talk of suspending the gas tax or opening the strategic reserves, but the administration does not want to take those steps just yet.

See the latest Cincinnati-area gas prices on the interactive WCPO gas price map, powered by GasBuddy.

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