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Pain at the pump: Ohio gasoline prices 54 cents higher than last month

Norwalk Reflector Staff • Feb 18, 2013 at 11:07 AM

Average retail gasoline prices in Ohio have risen 13.8 cents per gallon in the past week, averaging $3.81 per gallon Sunday, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio.

This compares with the national average that has increased 11.9 cents per gallon in the last week to $3.68 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 36.8 cents per gallon higher than the same day one year ago and are 54.0 cents per gallon higher than a month ago. The national average has increased 42.2 cents per gallon during the last month and stands 16.7 cents per gallon higher than this day one year ago.

"The steady climb of retail gas prices is likely to continue following double-digit increases in wholesale prices with fuel production tightening in the majority of the country's refineries," said GasBuddy.com Senior Petroleum Analyst Gregg Laskoski. "Los Angeles has climbed to $4.28 per gallon with a 55-cent average price increase in the past month, and that rate was surpassed in Chicago ($4.09 average price) and Detroit ($3.86 per gallon average), where motorists saw 63- and 64-cent respective increases over the same period. New York crossed the $4 threshhold too."

This is the sixth straight week that gas prices have risen in northern Ohio.

Since mid-January the national price at the pump has been propelled higher by somewhat more expensive crude oil, but more notably by regional refinery issues and the approaching switchover to summer-blend gasoline. Unlike recent years (Libya in 2011 and Iran in 2012), escalating geopolitical tensions overseas have not been a major contributing factor to the early-year price increase. Without a similar “risk premium” built into futures prices or new market-moving news, AAA expects that the increases to the national average will slow as temporary production concerns are addressed. Based on this expectation, the national average is likely to peak this spring at a lower price than in 2011 ($3.98 on May 5) and 2012 ($3.94 on April 5 and 6).

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