Supply squeeze means higher prices

COLUMBUS, Ohio – The price of oil and seasonal refinery maintenance are responsible for higher gas prices to start the work week in central Ohio.

The average cost for a gallon of regular gas Monday morning was $3.67, 10 cents higher than two weeks ago but 10 cents cheaper than a month ago, according to a daily survey from auto club AAA, the Oil Price Information Service and WEX Inc.

Department of Energy forecasters expect the April through September national average to be about $3.57 a gallon, a little lower than the past few summers.

But analysts say refineries have begun shutting down or slowing production as they prepare to make the switch to more expensive summer-blend gasoline and that has squeezed the supply. News that Libyan rebels plan to reopen oil ports caused the price of crude oil to fall back to the $100-a-barrel mark.

Ohio’s average price Monday morning was $3.68, up about 8 cents from a week ago and 29 cents higher than last year at this time.

The national average Monday was 4 cents lower than the Ohio average, at 3.64 per gallon. That’s up 6 cents from last week, and it’s 12 cents higher than a month ago.