Gas price hike
The average price for a gallon of gas jumped 40 cents in the past month.
Region U.S
Monday 2.83 2.75
One Week Ago 2.72 2.75
One Month Ago 2.42 2.60
One Year Ago 3.95 3.68
Source: Gasbuddy.com
Gas prices in Southwest Ohio are up 40 cents over the past month, causing some drivers, especially those putting many miles on their vehicles for their job, to tighten their budgets.
AAA figures on Monday showed in the past week prices increased 11 cents to an average of $2.83 a gallon at area stations and up from $2.43 on May 1. Nationally, the average price per gallon did not jump and remained at $2.75 a gallon.
“We have seen such volatility here unlike any of the other areas across the country. Our prices seem to jump, not by two cents but by 20 cents when the price increases,” said Cindy Antrican, public affairs manager with AAA in the Miami Valley.
Antrican attributes the most recent jump here to the “double whammy” of higher crude prices and unexpected refinery maintenance that shrinks supply.
Industry analyst Trilby Lundberg told the Associated Press that the lack of increase nationally is an indication gas prices may be close to peaking as the summer driving season approaches.
Laurence Oliver II of Dayton said the recent price hike caught him by surprise.
“I thought I was going to save a few dollars, but gas was a little bit higher than it was last night. I guess I should have gotten my gas last night,” said Oliver, who drives a truck for his job at Parking Management Inc.
Oliver said he pays for his gas up front and is then reimbursed by his employer. He has to budget for the unpredictable pump prices, sometimes cutting corners on entertainment expenses.
“I was going to go to the movies this weekend, but I didn’t so I can have some gas money,” Oliver said.
Monday’s average price remains more than a $1 below last year’s $3.95 a gallon in June.
Motorist Andrew Walters of Oakwood said he’s glad prices are still far from Ohio’s May 2011 peak price of $4.16 a gallon.
“If they are below $3, I’m happy. It’s bad, but it’s not terrible. I don’t think they’ll stay this low for much longer, but we’ll see,” Walters said.
AAA predicts prices will stay below the $3 threshold.
“The good news is we believe prices may be at their peak,” Antrican said, adding that wildcards like hurricanes or more refinery problems could impact future trends.
“Hopefully, that prediction is correct and it doesn’t go above $3, because if it does, then I’m going to have to make a few more reductions so I can have a few more dollars for gas,” Oliver said.
The highest price per gallon in the region Monday was $2.88 at the Sunoco on South Main Street in Union, and the lowest price was $2.49 at the Costco on Cornerstone North Boulevard in Centerville, according to gasbuddy.com.
The average price of oil nationwide rose in May to $59.37 per barrel, up $4.74 from April and the highest since November 2014. The price of benchmark West Texas Intermediate crude settled at $60.30 per barrel on Friday, close to its highest this year at $60.93 lon May 6.
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