Prices rise on supply squeeze

COLUMBUS, Ohio – Central Ohio drivers who hoped for some relief from high gas prices over the weekend were disappointed.

The cost for a gallon of regular gas in Columbus was averaging $3.97 in Monday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. That represents a 6-cent jump since Friday and an 11-cent increase over the price a week ago.

The statewide aver price is $3.93 a gallon, a dime higher than a week ago, about 23 cents higher than a month ago and 30 cents higher than last year at this time.

A government report released last week that showed supplies were tight, just as Americans began driving more, was one reason for sharp increase in wholesale prices in the Midwest last week.

In addition, GasBuddy.com analyst Patrick DeHaan writes that the nation’s third largest refinery was hit by a tornado over the Memorial Day weekend and was partly offline, causing prices to jump Tuesday and Wednesday, setting up the hikes central Ohio drivers saw on Friday.

Ohio averages ranged from $3.77 in the Youngstown area to $3.97 in the Columbus and Cincinnati areas, as much as 30 cents higher than the national average.