OH Gas Prices May Soon Hit $4 Per Gallon

Cleveland OH

05 March, 2022

9:36 AM

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OHIO — Gas costs are up 40 cents in just the past week in Ohio, according to a new analysis by AAA. Last week, the average gallon of gas cost $3.33 in the Buckeye State. As of Saturday morning, the average gallon of gas in Ohio now cost $3.77. National gas prices are also rising swiftly, with the average gallon of gas in the U.S. costing just under $4. Gas costs are expected to continue their quick ascent and break the $4 barrier in coming days. If Ohio follows a similar trajectory next week, gas prices would break a $4 average by March 11. The National PictureRussia's violent invasion of Ukraine has roiled the oil market, causing the global price of oil to spike and leading to higher pump prices in the United States, according to AAA. Gas prices have soared 18 cents since Wednesday and 29 cents since the invasion of Ukraine eight days ago, according to a CNN report. The increases mark the largest price hikes since Hurricane Katrina hit the U.S. Gulf Coast in 2005, devastating the nation's oil and gas industry, according to CNN. With prices rising at such a rapid pace, a national average of $4 a gallon will probably be reached soon, analysts say. "This is not the end of it. We're already up another 14 cents on wholesale gas prices this morning," Tom Kloza, a global petroleum analyst, told CNN on Friday. "It's absolutely out of control." The price of a gallon of gas varies dramatically based on where you live. In California, the average price for a gallon of gas hit a staggering $5.07 on Friday, according to AAA, making it the first state ever to have an average price above $5 a gallon. Meanwhile, if you live in Arkansas, a gallon of gas is only $3.45. Overall, gas prices are up more than $1 from this time last year, according to GasBuddy.com.