Report: Cincinnati sees largest spike in gas prices anywhere in the US since start of Iran war – WLWT
LEADER COULD BE A TARGET FOR ELIMINATION. ALSO BREAKING RIGHT NOW, THE WAR WITH IRAN IS CAUSING GAS PRICES TO JUMP AGAIN. JUST IN THE LAST HOUR, TRIPLE-A UPDATED THE AVERAGE FOR A GALLON IN CINCINNATI TO $3.22. THAT’S A NEARLY 60 CENT INCREASE FROM A WEEK AGO. IN COVINGTON, THE AVERAGE IS THREE. 13 DEARBORN COUNTY, INDIANA THE AVERAGE SITS AT THREE. 18 WLWT NEWS 5 GIACOMO LUCA IS LIVE FOR US WITH THOSE NUMBERS AND WHAT WE’RE SEEING OUT THERE ON THE STREET. GIACOMO YOU GOT A TEXT FROM A GAS STATION OWNER OVERNIGHT, AND HE SAYS HE’S HAD TO JACK UP HIS OWN PRICES. YEAH, THAT’S RIGHT STEVE, ANOTHER SIGNIFICANT LEAP OVERNIGHT PRICES HERE AT ONE GAS STATION IN REDDING JUMPING $0.60 OVERNIGHT. AND THEN WE’RE SEEING HIGHER GAS PRICES JUST REALLY ACROSS GREATER CINCINNATI EARLY THIS MORNING. LOOK, IT’S BEEN NEARLY A WEEK SINCE THE U.S. LAUNCHED ITS CAMPAIGN AGAINST IRAN. AND OIL MARKETS CONTINUE THAT UPWARD SPIRAL. THE PRICE OF A BARREL OF OIL HAS JUMPED $10 IN THE PAST FIVE DAYS TO $81 FOR A SINGLE BARREL. EXPERTS WITH TRIPLE A, THEY SAY MUCH OF THAT SURROUNDS THE UNCERTAINTY OF ESCALATING CONFLICT IN THAT REGION. ACCORDING TO MARINE TRAFFIC, THERE’S BEEN A 90% DROP IN TANKER TRAFFIC IN THE STRAIT OF HORMUZ. THAT’S ONE OF THE WORLD’S MOST CRITICAL SHIPPING CHOKE POINTS. AND THE QUESTION IS NO LONGER IF BUT HOW. THE IMPACT WILL INCREASE FUEL PRICES. THAT’S THE GOOD QUESTION. AND I THINK SOMETHING A LOT OF DRIVERS WANT TO KNOW. AND THE ANSWER IS THERE’S JUST TOO MANY FACTORS RIGHT NOW FOR US TO REALLY KNOW WHERE IT’S GOING TO GO. WE’RE LIKELY TO SEE SOME MORE INCREASES IN THE NEAR FUTURE HERE. HOW MUCH ARE THEY GOING TO BE AS DRAMATIC AS THEY’VE BEEN OVER THE PAST COUPLE OF DAYS? IT’S VERY, VERY HARD TO SAY. AND PRESIDENT TRUMP SAYS THAT THOSE PRICES ARE LIKELY TO REMAIN HIGH FOR A WHILE. BUT HE SAYS HE BELIEVES THEY WILL DROP TO LOWER THAN EVER BEFORE ONCE THE WAR ENDS. IN THE MEANTIME, I’VE BEEN TALKING TO DRIVERS ACROSS GREATER CINCINNATI THIS WEEK WHO SAY THAT IT’S JUST TOO MUCH, CONSIDERING THAT THEY’RE ALREADY PAYING HIGHER PRICES FOR THE PRICE OF EVERYDAY GOODS, ESPECIALLY WITH THE IMPAC
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Report: Cincinnati sees largest spike in gas prices anywhere in the US since start of Iran war
As drivers have headed to the pump across the country over the past week, a new report indicates that no other metro area has been hit harder than Cincinnati since the start of the U.S.-Iran war.According to GasBuddy, which tracks gas prices nationwide, gas stations around Greater Cincinnati have seen an average increase of 80.1 cents between Feb. 28 and March 7 for a regular gallon of gas.As a result, this puts Cincinnati firmly at the top among all U.S. metro areas in seeing the largest average increase in gas prices over the past week.According to GasBuddy, gas prices in Cincinnati stand at an average of $3.429 per gallon as of Saturday for a regular gallon of gas. One week ago on Feb. 28 — the date of the U.S. military’s first strikes on Iran — the regional average stood at $2.628 per gallon.Meanwhile, in second place for the largest increase is nearby Dayton, Ohio, which saw a 76.4 cent increase. Similarly, in third place is Fort Wayne, Indiana, which saw a 76.1 cent increase.When ranked by average prices seen across states as a whole, Indiana has seen the largest average increase in gas prices, while Ohio has seen the second-largest increase, according to GasBuddy. Notably, Kentucky has been slightly less impacted than its neighbors to the north of the Ohio River, having experienced the 14th-largest jump among all 50 states.This equates to an average 65.4 cent increase across the state of Indiana, a 63.9 cent increase across the state of Ohio, and a 48.3 cent increase in the state of Kentucky.Economists largely attribute this rise in gas prices to the fact that commercial traffic across the Straight of Hormuz has been cut off to the world over the past week as a result of the war, a passageway that sees 20% of all oil consumed worldwide pass through it off of Iran’s coast.
As drivers have headed to the pump across the country over the past week, a new report indicates that no other metro area has been hit harder than Cincinnati since the start of the U.S.-Iran war.
According to GasBuddy, which tracks gas prices nationwide, gas stations around Greater Cincinnati have seen an average increase of 80.1 cents between Feb. 28 and March 7 for a regular gallon of gas.
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As a result, this puts Cincinnati firmly at the top among all U.S. metro areas in seeing the largest average increase in gas prices over the past week.
According to GasBuddy, gas prices in Cincinnati stand at an average of $3.429 per gallon as of Saturday for a regular gallon of gas. One week ago on Feb. 28 — the date of the U.S. military’s first strikes on Iran — the regional average stood at $2.628 per gallon.
Meanwhile, in second place for the largest increase is nearby Dayton, Ohio, which saw a 76.4 cent increase. Similarly, in third place is Fort Wayne, Indiana, which saw a 76.1 cent increase.
When ranked by average prices seen across states as a whole, Indiana has seen the largest average increase in gas prices, while Ohio has seen the second-largest increase, according to GasBuddy. Notably, Kentucky has been slightly less impacted than its neighbors to the north of the Ohio River, having experienced the 14th-largest jump among all 50 states.
This equates to an average 65.4 cent increase across the state of Indiana, a 63.9 cent increase across the state of Ohio, and a 48.3 cent increase in the state of Kentucky.
Economists largely attribute this rise in gas prices to the fact that commercial traffic across the Straight of Hormuz has been cut off to the world over the past week as a result of the war, a passageway that sees 20% of all oil consumed worldwide pass through it off of Iran’s coast.
