Gas prices fall in Cincinnati and across Ohio, some stations below $3 per gallon

Despite recent conflict in the Middle East, gas prices are dropping in Greater Cincinnati and will continue to do so.

Prices are dropping well below $3 a gallon in several counties across the state, giving inflation-weary drivers a temporary break on the cost of fuel.

As of Friday, Nov. 3, gasoline prices averaged $3.20 per gallon in Hamilton County, around $3.10 in Kenton and Campbell counties and $3.14 statewide, according to AAA.

A year ago, Ohio's state average was $3.86 and Cincinnati's average was $3.89 per gallon.

Prices at a handful of stations in Northern Kentucky have dropped well below $3, according to Gasbuddy.com, a company that tracks crowd-sourced prices of gas stations across the country.

On the morning of Nov. 3, a Circle K station at 3060 Dixie Highway in Erlanger and a Murphy USA station at 10 Ferguson Blvd. in Dry Ridge reached $2.85 and $2.88, respectively. Two stations in Florence – a Costco at 800 Heights Blvd. and a Sam's Club at 4949 Houston Road – were both listed at $2.89 per gallon.

Several other stations in Greater Cincinnati are also tumbling below $3 per gallon.

A Costco station at 7135 Veterans Blvd. in Liberty Township and a Shell station at 1280 Hamilton Lebanon Road in Monroe hovered at $2.98 around the same time Friday.

Prices dropping despite Middle East conflict

The drop in gasoline prices comes despite the recent attack by Hamas on Israel.

Oil prices did rise several dollars per barrel last month, but it is far from the roughly $40 per barrel spike that followed last year's Russian invasion of Ukraine that sent prices above $5 per gallon in Ohio, according to AAA.

Of course, Russia is a major global producer of oil, while Israel and the Palestinian territories are not.

"Prices were falling because we move beyond the traditional busy travel season and the fall maintenance period," said Kara Hitchens, AAA Ohio spokesperson. "Demand for gas is soft right now."

The lower gasoline prices come as oil production hits record highs in the U.S. Production totaled 13.2 million barrels per day in the first week of October, according to the federal government.

Tom Kloza, oil analyst and founder of the Oil Price Information Service, credited the drop in price to multiple factors.

"Flat demand, plenty of supply and refiners are making some unwanted gasoline as they process crude to make needed diesel and heating oil," he said. "Mismatch of too much light very sweet crude that yields lots of gasoline."

Prices to remain low for now

"As long as that war doesn’t spread into other regions, oil prices should remain stable and therefore lower prices," according to Hitchens.

Also, AAA says if the economy falls into recession next year as many forecasts call for, oil prices and demand for gasoline should stay muted, and that should keep the cost of gasoline under control.

But Kloza is not so optimistic that lower gasoline prices will be a treat for that long.

"The next 100 days don't really represent a search for stasis in gasoline," he said. "We'll look for the new launching pad for a spring rally."

This article originally appeared on Cincinnati Enquirer: Why gas prices are low in Ohio, with some stations below $3 per gallon