Ohio gas prices are up for the second week in a row. In fact, people throughout the U.S. are feeling the pain at the pump. Could $4 gasoline be coming to the state by summer?
This week, Ohio gas prices rose six cents to an average of $3.45 a gallon. That's 30 cents higher than the average at this time last year, which was $3.15 a gallon. Of course, this slow, but steady rise is causing worry about looming $4 per gallon gasoline even though there is actually a rather weak demand for oil right now.
Part of the problem is that the world is facing tensions with Iran and its nuclear program, and they have threatened to shut down a major supply course, the Straits of Hormuz, which could devastate the supply chain. Another reason for the rise in prices is the fact that the Federal ethanol tax breaks expired.
Are you concerned that by this summer you may be paying in excess of $4 per gallon of gas? The somewhat "good" news is that if prices do shoot up to this level again, experts do not expect it to become the new "normal" like $3 did the last time gas prices rose dramatically. Even so, the threat looming is enough to make you wish that the U.S. already had a viable alternative energy plan.
Overall, the national average is $3.48 per gallon. Last year at this time it was $3.12 per gallon. Has this rise of 36 cents caused you any issues yet? How much will the price of gasoline have to go up before you get worried or make changes?
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