CINCINNATI — Gas stations across Cincinnati and Northern Kentucky were charging as much as $4.59 per gallon Wednesday afternoon — the highest prices seen since May, when the early months of the Iran War sent oil and gas prices soaring.
Analysts say the latest spike is driven primarily by a weekend attack and shutdown of a major pipeline in Saudi Arabia, as well as Ukrainian attacks on Russian oil facilities.
WATCH: Here are a few ways to save on gas using station reward programs
Prices vary widely across the Tri-State, but a check of local stations on September 16 found the following prices in the afternoon:
- Marathon on Pike Street in Covington: $4.70 per gallon
- Speedway in Fairfax: $4.59 per gallon
- BP in Kenwood: $4.59 per gallon
AAA says the average price is more than $1 per gallon higher than this time last year, when gas averaged $3.19.
Why prices are higher than usual this time of year
Typically, two factors push gas prices down in the fall: the end of the summer travel season after Labor Day, and the switch from summer-blend to winter-blend gasoline, which is cheaper to produce. This year, those forces are being overwhelmed by a rapid increase in the price of crude oil.
WATCH: Cincinnati-area gas prices see spike overnight
Janet Harrah, an economist at Northern Kentucky University's Haile College of Business, said roughly 50% of what drivers pay at the pump reflects the price of crude oil. The rest is largely the cost of moving that oil through the supply chain from refinery to gas station.
"When gasoline prices rise, it's kind of a double whammy. The crude oil costs more, and it costs more to move that crude oil to the refinery, and then it costs more to move it from the refinery to the pump," Harrah said.
She said the conflict in the Middle East is one of several factors driving prices higher. Diesel fuel faces additional pressure from a lack of refining capacity.
"Even if crude oil prices stabilize, diesel prices are likely to continue to rise because we don't have enough capacity to refine diesel fuel to meet the demand that we have," Harrah said.
GasBuddy says drivers could see some relief once gas stations begin selling cheaper winter gasoline. That transition could knock prices down 20 cents per gallon, though it will be coming off already very high prices.
Ways to save at the pump
Nearly every gas station offers some kind of rewards program that can help offset higher costs. But Harrah said drivers should understand what those programs are really designed to do.
"They're not so much trying to get you to buy the gasoline. They're trying to get you to come back to the store," she said. "It's really more about getting you to come and buy something besides gasoline, because across stores, gasoline doesn't vary all that much, a few cents a gallon."
Harrah said cost-concerned consumers should take advantage of loyalty savings without overspending.
"If you're using a loyalty program, that's great. Just make sure you're not buying extra via the loyalty program just to get more fuel points. That's not a cost savings in the long run," Harrah said.
- Kroger Fuel Points: Using a Kroger Plus Card, shoppers earn 1 fuel point for every $1 spent on groceries. Every 100 points equals 10 cents off per gallon, up to $1 off per gallon.
- Speedway Speedy Rewards: Customers can save 25 cents per gallon by texting "SAVE" to 96001. That deal applies to the first 3 fill-ups. The Speedway app also features a price lock option — if you spot a low fuel price but aren't ready to fill up, you can lock in that price for up to 4 days. Even if prices drop further, you'll still get the best deal.
- UDF Flash Sale: UDF is holding a flash sale on September 17 from 3 to 7 p.m., lowering pump prices by 40 cents per gallon. Customers can also lock in those flash sale prices on the UDF app and fill up anytime until midnight.
Harrah's shared broader advice for drivers struggling with high prices.
"I think the main strategy for most people is (to) use some kind of an app to try to find the lowest-priced gasoline in your area. Don't drive 20 miles out of your way to save $0.02 a gallon. It doesn't make any sense," she said. "I think the other thing that people can do is try to group their errands into one, you know, rather than having a different trip every day, try to group them together so you don't have to drive as often."
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
