It’s been a roller coaster ride for drivers in northern Ohio.
Gasoline prices have been rising steadily in recent weeks, rising by as much as 40 cents in a single day.
According to GasBuddy, which tracks prices at about 150,000 gas stations nationwide, the average gas price in the Akron metropolitan area at the beginning of the week was about $3.63 per gallon, the highest price for regular unleaded gasoline in just a week. The price was slightly lower than $3.75 per gallon. Before.
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Prices were down slightly in northern Ohio, but the national average price rose 4.3 cents to $3.64 per gallon.
This is the third consecutive week that prices have increased nationwide.
However, as the summer driving season approaches, we may see some relief.
“With the nationwide switch to summer gasoline now complete, at least one of the three factors that drove prices up over the past few months is a thing of the past. It may take some time for the biggest problems to be ironed out. In the coming weeks, more refineries will finish work and increase gasoline production, which will soon put downward pressure on gasoline prices. ” said Patrick de Haan, head of petroleum analysis at GasBuddy. “Israel’s retaliation against Iran was somewhat surprising, but it was also considerable, as Iran virtually never even mentioned it publicly. Hence the escalation that now appears to be occurring. Oil prices fell slightly as concerns about the Middle East eased, and we hope Americans will soon feel relieved as concerns about the Middle East have eased and the seasonal factors driving prices have ended.
If you think gas prices are high in northern Ohio, you’re lucky you don’t live in California, where the average price of regular unleaded gasoline is $5.40 a gallon.
Why do gas prices soar so often in Ohio?
Gas prices in northern Ohio seem to suddenly and dramatically increase during the day without warning.
De Haan explains that some states in the Midwest, particularly Ohio, Michigan and Indiana, are prone to so-called price cycles.
When one of the state’s major chain stations suddenly raises its prices substantially every two weeks or so to better reflect the industry standard of 50 cents per gallon of gas, other chain stations quickly follow suit. Follow.
According to GasBuddy, stations from these same chains begin to compete with each other, causing prices to slowly drop by a few cents at a time, and it typically takes about two to three days before another two-week price increase cycle begins and returns to 50 cents. . Profit rate.
