CINCINNATI — As temperatures in southwest Ohio and Northern Kentucky are soaring this week, our gas prices have been cooling.
That is great news to drivers as we head into the big Fourth of July travel weekend.
According to AAA, the average price in Cincinnati and Hamilton County on Tuesday was $3.73 a gallon, a dollar cheaper than their peak in April.
If you are traveling for the holiday, the nationwide average is now $3.84.
What will happen next?
Prices have been trending down the past two weeks, since President Donald Trump signed a Memorandum of Understanding with Iran, which then began reopening the Strait of Hormuz to tanker traffic for the first time in three months.
But the reopening has been in fits and starts. That has crude oil prices yo-yo-ing right around $70 a barrel, depending on whether ships are moving, or if an attack blocks traffic again.
Gas Buddy's Patrick DeHaan told WCPO 9's Kristin Skovira that if ship traffic improves in the next few days, oil and gas prices should continue to slowly fall for the holiday.
"If it does happen, that certainly could usher in even lower prices ahead of July Fourth. If the deal unravels, though, oil and gasoline could eventually go right back up. And even if the Strait does reopen, it, it may take many months to get us back down to last year's levels," DeHaan said.
We saw prices as low as $3.17 around the new Wawa station in Silverton (and nearby UDF stores).
More common were prices in the $3.64 range, which we saw in Fairfax and closer to downtown.
President Trump demands that oil companies lower gas prices
However, Trump — in a post on Truth Social — is demanding that gasoline companies lower their pump prices to $2.50 soon, based on falling oil prices.
"DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gouging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon
number," his post said.
There is no indication that stations are responding yet. In fact, there are concerns about higher prices for the holiday weekend.
DeHaan said stations in Michigan and Florida are going in the opposite direction, raising prices this week to $4.19 in some cases.
He says there is no logical reason for that other than "price cycling," where stations reset to a high price after falling too low.
So what is the outlook for the Fourth of July weekend? Prices should continue to fall, based on falling crude oil prices.
But with a holiday approaching, anything is possible, even a last-minute price hike.
As always, don't waste your money.
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