MoneyConsumerDon't Waste Your Money

Actions

Gas prices gone wild: Why such major swings?

Cincinnati-area prices range from $2.17 to $2.85 this month
Posted: 6:28 PM, Jan 14, 2020
Updated: 2020-01-14 20:22:23-05
How do gas stations pump without electricity?

What a crazy two weeks it's been for Cincinnati-area gas prices.

Lucky drivers like James Hamilton were filling up for just $2.17 a gallon at the UDF in downtown Reading. "At $2.17, you can't beat it," he said "I came all the way from Madisonville just to get it here."

But take a little drive four miles up Glendale Milford Road into Blue Ash.

At a Marathon station, we found drivers paying a whopping $2.85 a gallon. Lisa Story said "they are anywhere from 40 to 60 cents more in Blue Ash a lot of the time."

Gas prices are often based on local competition. If you have a Kroger, Thornton's or Sam's Club nearby, prices will be lower. But that's not always the case, especially this week.

Why such price wild swings?

GasBuddy.com says the wild card this month has been Iran.

Texas crude oil (TCI) spiked from $60 to $64 when the missiles started flying. With the threat over for now, the price is down to $58 this week.

So station owners have been raising and lowering prices trying to keep up, which explains some of the wild swings.

But choosing the right station makes a difference.

A 15-gallon fillup will cost $32 in Reading, but $42 in Blue Ash, costing you $10 more to fill your tank.

So it may make sense to have the GasBuddy app , which can direct you to lower prices.

Meantime, AAA is predicting lower prices in the next few weeks, barring another flare-up in tensions with Iran.

As always, don't waste your money.

________________________________________

Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").

Like" John Matarese Money on Facebook

Follow John on Twitter (@JohnMatarese)

For more consumer news and money saving advice, go to www.dontwasteyourmoney.com

Don't Waste Your Money logo

Don't Waste Your Money

Have a problem?
Send me an email, at jmatarese@wcpo.com or message me on Facebook .