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Early Christmas as Tri-State gas prices fall to $1.98

Plunging oil prices means more cash for holidays
Posted: 10:22 AM, Nov 30, 2018
Updated: 2018-11-30 15:22:50Z
Early Christmas as Tri-State gas prices fall to $1.98

Gas prices below $2 a gallon have finally arrived in Cincinnati.

The low gas prices we've heard about for several weeks in Georgia, South Carolina, even as close as Lexington, Kentucky, have finally reached the Tri-State region (In true Mark Twain fashion, even Dayton Ohio drivers were enjoying them about 5 days earlier that Cincinnati drivers).

GasBuddy.com reports that Murphy USA on Rt 4 in Hamilton dropped its price fo regular fuel to $1.98 a gallon Friday morning, while Speedway, Sunoco, and Five Points Market in Hamilton are now $1.99.

A few miles south in Fairfield, you can fill up for a penny more, at $2.00 at Speedway and several other stations.'

In the Batavia and Eastgate area, on Cincinnati's East Side, most stations were down to $2.05 as of Friday morning, according to Gas Buddy.

These are the lowest prices since early 2017, a year and a half ago.

Why the steep drop?

Many drivers have been surprised by the steep drop through November, with AAA reporting that Southwest Ohio and Northern Kentucky prices are down 50 cents a gallon since Halloween.

Gas Buddy says that barring any major world event, prices should stay low well in to January, though they could see a slight uptick in late December due to increased holiday driving.

You can credit the price of crude oil, combined with cheaper "winter" blended fuel now being shipped to stations (the winter fuel is 5 - 10 cents a gallon cheaper than summer fuel).

Crude oil prices have plunged from $75 a barrel on October 1st, to $50 as of November 29th,

However....

But OPEC still has power over the price of gas, because just hinting of cutbacks will send the price of crude oil back up again.

OPEC meets the first week of December, and could announce a cut in production.  If so, drivers can expect the typical 20 cent price hike at the pump....even if oil production doesn't drop.

So enjoy the low prices while we have them, so you don't waste your money.

CLICK HERE for WCPO.com's map of current Cincinnati area gas prices.

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