Ohio gas prices started off Monday, July 30 at an average of $3.46 a gallon for regular unleaded gasoline. By the end of the day on Monday, gas prices at many Ohio gas stations had jumped to $3.69 a gallon. In Marion, some stations saw price increases of over 40 cents. AAA says this price spike was the result of regional supply concerns in the wake of a series of refinery issues.
The main upsets, according to AAA, include:
- A downed coker at BP’s refinery in Whiting, Ind.
- A sulfur dioxide flaring, which was related to the shutdown of a gasoline-producing fluid catalytic cracking unit at Citgo’s Lemont, Ill refinery (Sources say this should be fixed within a week).
- The shutdown of Enbridge Energy Partners crude oil Line 14.
- A compressor shutdown at Phillips 66 Wood River refinery in Roxana, Ill.
In the wake of these issues, Chicago wholesale prices, which determine the price at the pump in the region, soared to become the most expensive regional market in the nation. Prices may continue to rise throughout the region until the refinery issues are resolved.
Nationally, the average price at the pump has increased as well, along with global oil prices. Economic news and geopolitical tensions with Iran continue to be the main drivers of oil prices. This is expected to continue as the summer driving season comes to an end.
According to AAA’s Monthly Gas Price Report, the national average gas price increased 17 cents a gallon during July. This is the largest increase for July since the year 2000.
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