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Tri-State gas prices spike to $3.19. When will it end?

Price of gasoline hits highest level in 8 years
gas 3.19.jpg
Posted at 12:03 PM, Jul 16, 2021
and last updated 2021-07-16 12:19:01-04

CINCINNATI — Just when it seemed gas prices across the Tri-State might have peaked, they've jumped again to their highest level in 8 years. It's just the latest sign of the inflation that's hitting us everywhere.

If you are still finding gas for under $3 a gallon in Ohio, Indiana, or Kentucky, consider yourself lucky! Pump prices around the Cincinnati area spiked late Thursday to $3.19 a gallon.

Prices usually fall after Fourth of July

Jason Johnson was driving from Columbus, Ohio, to Kings Island and filling up at the Speedway at the Mason-Kings Mills exit.

He says it's going to be an expensive weekend.

"I filled up some miles ago. That was about $75," he said. "I'm going to put another $40 or $50 in there now."

Prices had hit $3.15 before the Fourth of July but then started falling after the holiday, as they usually tend to do.

But this year is not following any trends:

  • Home prices are up almost 20% in 2021.
  • Used-car prices are up 20% year-to-year.
  • Lumber prices tripled by May, but have since come down slightly.
  • Airfares are up, with last year's $39 pandemic flights long gone.
  • Rental car prices are spiking, with daily rates soaring to $200 dollars a day (yes, a day, not a week) in some hot vacation spots like Hawaii.

And the government says consumer prices are up almost 5% from June to June.

AAA says there are multiple reasons for this year's soaring gas prices: As Americans travel again this summer, gasoline demand is high. At the same time, crude oil is up to $70 a barrel. Also, last summer's $2 gas was a result of low demand, and few people driving during the pandemic.

Amanda Duncan said she's feeling inflation every time she drives to work at her hotel job.

"I drive 45 minutes to work every day," she said. "So $3.19 is taking a hit to the budget."

Gas prices are now higher than they have been since 2014. Couple that with rising grocery, home improvement, and travel prices, and inflation is showing no signs of letting up.

As always, don't waste your money.

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