Gas prices in Ohio could reach $5 sooner than you think
Ohio drivers shouldn't expect lower gas prices anytime soon. Just in time for summer travel, analysts are predicting the price per gallon to reach $5 this month.
Patrick De Hann, the head of petroleum analysis at GasBuddy, expects the average price of regular unleaded gasoline in Ohio to reach $5 in June. In an email to The Enquirer, De Haan said he doesn't expect gas to reach $6 per gallon in Ohio, but it's not impossible.
According to GasBuddy, which tracks real-time gas prices across the country, Ohio's average gas price is $4.79 as of Friday, the same as the national average. GasBuddy currently shows gas prices in the Cincinnati area ranging between $4.69 and $4.93.
A separate measure of gas prices from AAA shows that the local average price of premium gas has already crossed the $5 per gallon barrier. That average price stood Friday at $5.40.
De Haan expects the national price per gallon average to hit $5 by June 17.
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Ohio gas prices broke statewide records in May and have only continued to increase in June. The highest gas price in Ohio recorded before this year was $4.16 per gallon in May of 2011, according to AAA, which would be $5.29 adjusted for inflation into 2022 dollars. The Cincinnati record was $4.18 per gallon in May of 2011, which would be $5.32 adjusted for inflation.
Russia's invasion of Ukraine has affected gas prices around the world. According to Global Petrol Prices, which updates worldwide gas prices weekly, several European countries have seen the price per gallon increase to well over $8. Gas prices in many countries are higher than in the U.S. with higher taxes being a key reason.
Where is the cheapest place in Cincinnati to get gas?
The GasBuddy app and website provide real-time gas prices at gas stations in the Cincinnati area. Two of the cheapest gas stations listed on the app on Friday were a Shell in Walnut Hills (2300 Reading Road) and a North College Hill Sunoco (1200 Galbraith Road).
Gas stations in Northern Kentucky are also a cheaper alternative, as the state has a lower tax on gas than Ohio.
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Gas prices jump in Kentucky, too
The average price of a gallon of gas in the state of Kentucky has risen over 30 cents in the past week, jumping up 14 cents in just one day between Wednesday and Thursday, Lori Weaver Hawkins, AAA Club Alliance manager of public and government affairs in Kentucky, said.
"Unfortunately, we won't be seeing prices go down to a more comfortable level anytime soon," she said.
On Thursday, Kentucky Gov. Andy Beshear instituted an emergency freeze on the state's gas tax, which would have otherwise increased by 2 cents due to the rise in gas prices.
The average price in Northern Kentucky for a gallon of unleaded gasoline as of Friday is $4.69, according to AAA. Gas prices are slightly lower in Northern Kentucky than across the river in Southwest Ohio due to lower motor fuel tax rates.
This article originally appeared on Cincinnati Enquirer: Ohio gas prices heading toward $5, analysist says
