Cincinnati gas prices are back up.
Prices in the Queen City have risen 11.6 cents per gallon in the past week, averaging $2.77 a gallon on Monday, according to GasBuddy.
GasBuddy said prices in Cincinnati are 33.3 cents per gallon higher than a month ago and 83.1 cents per gallon higher than a year ago.
The national average price of gasoline has risen 5.9 cents per gallon in the last week, averaging $2.86 per gallon Monday. The national average is up 33.2 cents per gallon from a month ago, GasBuddy said.
AAA said 20 states have seen double-digit jumps and Kentucky had one of the biggest weekly jumps. Gas across the Bluegrass State is up 13 cents.
Why the high prices?
AAA said last month’s winter storm in Texas inflated national gas prices and said prices will continue to increase this week, in part because of a major decline in gasoline stocks and a substantial increase in U.S. demand.
“On average, Americans are paying 14% more to fill-up compared to February,” AAA spokesperson Jeanette McGee said in a statement. “With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead.”
Head of peroleum analysis for GasBuddy Patrick De Haan said there's been "insatiable demand" for gasoline as people hope for the end of the pandemic.
"According to GasBuddy data, last week's gasoline demand was just 1% below the pre-pandemic level, an extremely bullish factor likely to continue driving gas and oil prices up in the short term," De Haan said in a statement. "The recovery in the last few weeks has been astounding- both the speed and overall volume increases we've seen in our data lend credibility to the recovery, and perhaps will lead to continued price increases due to the continued imbalance between supply and demand."
Source link
