May 11—Retail gasoline prices nationwide and locally rose again Tuesday, hitting another all-time record and eclipsing marks set earlier this year and in 2011.
The average cost of a retail gallon of gasoline nationally hit $4.37 Tuesday morning, according to the American Automobile Association, surpassing the former record of $4.33 set in March. The record-setting U.S. gas price was a 17-cent increase from the week before.
In Ohio, prices rose 23 cents from the prior week to reach $4.18 per gallon. Dayton ($4.17 per gallon), Springfield ($4.18) and Cincinnati ($4.15) saw prices jump by 30 cents, 33 cents and 26 cents, respectively, in the course of a week.
Some stations in the region saw prices skyrocket by more than 30 cents to as much as $4.35 by Tuesday.
Locally, Miami Valley prices are at an average of $4.17, exceeding the $4.16 record set for the area on May 4, 2011, according to Kara Hitchens, spokeswoman for AAA Miami Valley.
Decreased supply of global oil and increased demand for it have caused the rising cost at the pump, with prices hovering near $100 per barrel last week and losing in on $110 this week, according to AAA. With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline, AAA said.
Higher prices come on the verge of the summer travel season, which makes the timing difficult for many residents.
"Folks told us back in March that these two years, two-and-half years have been really tough and they're ready to travel again," Hitchens said. "They're anxious to get back out there."
But based on surveys of local AAA members, gas that costs $4 or more per gallon will force motorists to make decisions about their driving habits, Hitchens said.
"There are a number of things that folks will do, such as combining trips and not running out each and every time (the need arises)," she said. "Perhaps people will have to make some hard decisions surrounding vacation, maybe not to go as far or stay as long at their destinations, maybe eat in instead of eating out every single meal."
Prices could continue to climb through Memorial Day as summer road trip season begins and oil prices remain volatile, according to Patrick De Haan, head of petroleum analysis at GasBuddy.com.
"Ohio, along with Great Lakes states, are often a price leader, and this week we saw prices jump as oil last week surged $9 (a barrel)," De Haan told this news outlet Tuesday. "Ohio will likely see prices start dropping the earliest as well, so long as oil's losses this week are not reversed quickly."