XENIA — Drivers saw a significant jump at the pump on Thursday.
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Gas prices jumped around 24 cents on average overnight, with most stations now sitting at $3.29 a gallon.
“Gas was just $2.50 yesterday. Now it’s almost $3.30. That’s crazy,” Kellen Davis said.
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Like many drivers, Davis pays close attention to gas prices, and he couldn’t believe the jump overnight.
“I just think that’s crazy,” Davis said. “And then watch tomorrow, it’s gonna be right back down to $2.50.”
As reported on News Center 7 at 5:00, GasBuddy reported this price jump is because of Ohio’s typical price cycle. That’s when gas stations undercut each other until they are no longer making a profit, and that’s when prices jump up.
“Things just going crazy right now, probably on the brink of a war, which, I mean, hopefully not, but the way things are going to be, who knows,” Davis said.
The situation in the Middle East could also impact gas prices.
“The knee-jerk reaction for the market is oil prices jump,” Patrick De Haan, GasBuddy’s Head of Petroleum Analysis, said.
De Haan said any conflict in the Middle East creates uncertainty and disrupts global energy markets. While it’s not behind this jump at the pump, it could raise prices in the future.
“If this situation continues to spiral out of control, you could see businesses that rely on things like crude oil, diesel, jet fuel, and gasoline start to incur a much more increased cost, and that could eventually filter down to motorists,” De Haan explained.
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