CINCINNATI — After a big jump last week, gas prices are coming down slightly in the Midwest — but that doesn’t mean people aren’t still feeling the pinch at the punch.
“It’s expensive,” said Trever Young at a gas station in Westwood.
The statewide average in Ohio is $3.21 a gallon. In Indiana, it’s $3.22, and in Kentucky it's $3.01.
Patrick De Haan, head of petroleum analysis at GasBuddy, explained the Tri-State sees what’s called a “price cycle.”
“What's happening is not only the wholesale price of gasoline fluctuating, but stations are basically eroding their own margin by undercutting each other,” he said.
When a station starts losing money, prices shoot back up.
“It is a bit of a roller coaster ride, prices are constantly on the move,” Haan said.
It depends on current events as well. A power outage at a BP oil refinery in Indiana has increased prices across the Midwest, although they are starting to come down, according to AAA.
AAA Spokesperson Kara Hitchens said that temporary closure means prices are increasing a little more now than normal, but this is the season where the price will increase.
“We're getting ready to head into travel season, we've got spring break coming up,” she said.
Ways To Save
Young’s family already shops at Kroger, which means he’s already collecting fuel points. If his family spends $1,000 a month, he’ll get a dollar off a gallon, up to 35 gallons per month. That adds up.
At BP, you’ll get 5 cents off per gallon with their program, which is the same as Shell, though they have an option to save more by filing up more frequently.
Wholesalers like Costco and Sam’s Club often have cheaper gas prices, but you have to consider the cost of the membership fee as well.
The GasBuddy app will also alert you when prices are spiking or dropping.
And there’s also the age-old question about whether you should drive further to the cheaper gas station.
There’s a math equation to answer that, and you can get the answer on this handy calculator.
