March 20, 2012

In Cincy, Here We Are Again, With $4 a Gallon Gas at Many Stations

Filed under: Economy,Taxes & Government — Tom @ 11:23 pm

I saw $3.999 at a station in Blue Ash tonight, and much of Mason is at $3.959.

During the past few hours in Greater Cincinnati, there’s been a virtual stampede to $3.999 (the average is still $3.86, but it’s trending upward):

CincyHighGasPrices032012at11pm

If it’s not an isolated blip — and it sure doesn’t seem like it — this is very different from last year, on two levels:

  1. If the average hits $4 in the next several days, it will come about a month earlier than it did last year (when $4 sightings commenced on about April 25), and as noted after the employment report earlier this month, it comes at peak on-the-ground hiring time.
  2. It comes while demand is already unusually low (and it has been for some time).

Thus, it doesn’t seem like there’s a lot of potential for a big pullback, and reason to be quite concerned that we’ve only just begun to see gas prices bust through all previous records — and then some.

As I said last year in introducing the very same video which follows — “One may question how much responsibility Obama’s administration has for current prices — I maintain that it’s more than minor — but no one can question whether he believes that $4 and higher gas is inherently desirable. He does, and it’s not arguable”:

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UPDATE, March 21, 10:30 a.m.: The Cincy area average is up to $3.91. That’s five cents in 10 hours. The Ohio average is over $3.94.

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