NEWPORT, KY — The pain at the pump is getting worse and gas prices in Ohio have never been higher. On Wednesday, the average price of a gallon of gas in Ohio is $4.60, which is a .15 cent jump from Tuesday.
News Center 7′s James Rider compares how prices in Ohio are different than in other states.
If you are planning on hitting the road this summer, you might see some very different gas prices especially if you travel to Kentucky or further south.
In Newport, Ky., the gas price is $4.69, while down the street it’s $4.29 a gallon.
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Dr. Fall Ainina with Barry James Investment Research said, “How far away are you from the tank is produced. 90% of the national production is from the gulf coast. Clearly if you are closer to those states, you’re probably going to have lower prices,”
The country is also divided up by regions that are called pads. The prices vary by region also because of the different number of refineries in each part of the country.
“Refineries and you also have pipelines that bring stuff to certain areas which is going to make a difference. But I think a lot is supply and demand,” Ainina said.
Gas tax is also something that will vary by state. Ohio has the seventh highest gas tax nationally. But still much lower than Pennsylvania and California.
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If you were to drive from Ohio to Florida, the gas would be as you went through states like Kentucky, Tennessee, and Georgia partially because the gas tax is lower in all of those states. But there’s several factors that can cause the steep fluctuation in prices from state to state. And 40 percent of the price of gas comes from things other than the price of oil.
“You can see 60% of the price of gallon comes from crude oil. 17% comes from refinery. 11% comes from distribution and tax accounts for 12%,” Ainina said.
We showed you the price of gas in Kentucky, now on the Ohio side of the river in Cincinnati, where gas is .10 cents more.