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Gas Prices in Ohio Take A Big Jump

COLUMBUS, Ohio (WSPD) -- What happened to gas prices?

Many stations around Ohio spiked prices up to at least $3.99 per gallon on Thursday.

"We're seeing quite a few stations in the state well over $4 a gallon right now," said Gregg Laskoski with OhioGasPrices.com.

It's not a supply problem. A new government report shows Midwestern refineries are operating better than just about every other region in the country. Laskoski blames the price spikes on what's known as "price cycling." It happens after gas prices get so low that gas stations aren't making any money off sales of gasoline.

"That's when they start to re-gain the margins that they may have postponed," said Laskoski. "When the dominate retail chains do that almost everybody else follows."

OhioGasPrices.com puts the average price in Ohio at $3.93 per gallon. That's up 4 cents from Thursday. A week ago the average was $3.84.

"To go up nine cents a gallon in a week is really indicative of some major price spikes," Laskoski said.

He predicts prices will inch up even more before finally easing off, but adds when that will happen is anyone's guess.

The Midwest is more prone to large price swings, but Laskoski says it all evens out in the long-run.

 

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