Gas prices across Cincinnati continue to surge higher with some pumps nearing $5 a gallon.
Overnight, from Wednesday, April 29 into Thursday, April 30, the average price of regular gas in Cincinnati jumped from $4.213 per gallon to $4.49 per gallon, according to AAA.
It’s a stark change from last week when a gallon of gas in Cincinnati cost an average of $3.895.
Some pumps in Cincinnati, such as the BP off Springdale Pike, were selling regular gas at $4.99 a gallon on Thursday morning. Premium gas was even more expensive at $5.99 a gallon.
Numerous gas stations in the area were holding steady in the morning at $4.29 per gallon, according to buyers reporting prices to GasBuddy.
The average price of gas on April 30 was $4.46 per gallon in Ohio, $4.096 per gallon in Kentucky and $4.417 in Indiana, according to AAA’s fuel price tracker.
The average national gas price was $4.30 per gallon on April 30, AAA reports. It was $2.98 on Feb. 26, two days before the Iran war started.
When will gas prices drop?
Gas prices may stay high throughout the summer due to a combination of factors driving the increase.
President Trump blamed Iran for the spike in gas prices in an April 1 address: “This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.”
Oil and stock markets reacted negatively after Trump’s comments, according to CNBC. Prices started climbing in late February, coinciding with the Feb. 28 attack on Iran.
But the war isn’t the only factor is the price shift. “Gas prices move higher in the spring and summer every year. The nation makes the switch from cheaper winter blend gas to summer starting in March and April,” Andrew Gross, an AAA spokesperson, told USA TODAY. “The better weather and longer days usually lead to more driving, pushing demand up.”
The U.S. and Iran have been conducting naval blockades of the Strait of Hormuz over the past few weeks. A quarter of the world’s seaborne oil supply passes through the strait, so oil prices have spiked across the globe.
Though the U.S. is the world’s top oil-producing nation and doesn’t import much from the Middle East, crude oil is a globally traded commodity and its price is affected by the global market.
Regardless of global news impacts, gas prices in the U.S. typically peak between April to June when refineries switch to a more expensive “summer blend” for gasoline that functions better in hotter weather.
USA TODAY reporters Ramon Padilla and Carlie Procell contributed.
This article originally appeared on Cincinnati Enquirer: Gas surges to near $5 per gallon in Cincinnati. When will it drop?
Reporting by David Ferrara, Cincinnati Enquirer / Cincinnati Enquirer
USA TODAY Network via Reuters Connect
