Gas prices spike - Cincinnati News, FOX19-WXIX TV

Gas prices spike

(FOX19 NOW/file) (FOX19 NOW/file)

Average retail gasoline prices in Cincinnati jumped 16 cents per gallon in the past week, averaging $2.29, according to GasBuddy's daily survey of 637 gas outlets in Cincinnati.

This compares with the national average that has increased about 8 cents per gallon in the last week to $2.22.

Including the change in gas prices in Cincinnati during the past week, prices Sunday were 13.3 cents per gallon lower than the same day one year ago and are 24.4 cents per gallon higher than a month ago.

According to GasBuddy historical data, gasoline prices on May 2 in Cincinnati have ranged widely over the last five years:

  • $2.43/g in 2015
  • $3.69/g in 2014
  • $3.76/g in 2013
  • $3.71/g in 2012
  • $4.11/g in 2011.

“Gasoline and oil prices have set new yearly highs as the imbalance of supply and demand may begin to shift as global oil production shows signs of slowing and gasoline demand is accelerating," said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy, in a prepared statement.

"While oil inventories in the U.S. remain well-supplied for now, they are likely to start receding as refiners begin throttling up their operations after maintenance season," he said. 

"Americans appear ripe to consume near record levels of gasoline, if not the highest levels ever this summer with some of the lowest summer

prices seen in ten years or so."

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