COLUMBUS, Ohio – Ohio had been one of only four states where gas prices declined in the last week, but that trend came to an abrupt halt this morning, catching motorists by surprise.
According to a daily survey by the AAA, the Oil Price Information Service and Wright Express, the average price of regular gas in Columbus jumped 11 cents to $3.76 a gallon and may remain high for some time to come.
Unfortunately, it was the downward trend that was the exception, as prices in the Midwest dropped at the end of the week thanks to some regional refineries going back online, spokeswoman Kim Schwind of AAA Ohio said.
However, relief may be a long way off, since refineries in the Midwest still have to make the switch to summer-blend gasoline in April, Schwind said.
Patrick DeHaan, analyst for GasBuddy.com, predicted a spike in prices in the Great Lakes this week as refineries slowly begin to transition to the production of more expensive summer-grade gasoline, a process which has begun earlier and has been more dramatic than in the past.
Refinery maintenance and other issues has squeezed supply and driven up prices.
The Department of Energy reported last week that US refineries had processed crude oil at the lowest rate since April 8, 2011.
These developments come at the same time that global demand keeps upward pressure on gas prices despite weak domestic demand due to a still recovering economy.
China, which is the world’s second-largest oil consumer, saw crude oil demand hit a record high in January.