Gas reaches $4 per gallon locally; oil prices continue going up

MIAMI VALLEY — Gas prices in the Miami Valley have jumped over $4 per gallon for regular unleaded gasoline, an average price not seen across the country in more than a decade, according to AAA.

More than a dozen stations, including some in Springfield, Dayton, Kettering, Huber Heights, Troy, Trotwood and Beavercreek, were selling gas at $4.09 per gallon for regular unleaded Monday afternoon, GasBuddy.com reported.

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The average price for gas in the country was $4.06 per gallon on Monday morning, however Ohio remains under $4 per gallon with an average price of $3.83 per gallon, AAA reported.

The national average price for gas is up 45 cents from a week ago, 62 cents from more than a month ago and $1.30 more than last year at this time. The national average hasn’t been this high since July 2008, according to AAA.

Oil was trading Monday morning at around $120 a barrel, after hitting $100 per barrel last week.

Last week, the International Energy Agency announced the largest coordinated release of crude oil since it was founded in 1974.

“Despite this announcement, the impact on pricing has been limited given that the amount of oil planned for release is small in comparison to the amount that flows daily from Russia to other countries around the globe,” AAA said in a statement. “According to IEA, Russia exports approximately 5 million b/d of crude oil, representing about 12% of its global trade.”

While the demand for gas has increased over the last week, AAA said increasing oil prices “playing a leading role in pushing gas prices higher.”

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