Ohioans Brace for Higher Gas Prices, As Oil Prices Surge

Posted on March 2, 2022

AAA provides insight into rising prices and consumer tips to conserve fuel

COLUMBUS, Ohio (February 25, 2022) – The invasion of Ukraine by Russia is having a rippling effect on the oil market, which is in turn driving up the price of gasoline in Ohio and across the U.S. This comes as the world oil market is already tight and struggling to keep up with demand as nations move on from COVID-19 related economic slowdowns.

While increasing oil prices are playing a leading role in pushing prices higher, increasing gasoline demand and a reduction in total supply are also contributing to rising prices. While nobody knows exactly how high gas prices will climb, AAA cautions drivers to expect high prices.

Crude Oil:

At the close of Thursday’s formal trading session, WTI increased by 71 cents to settle at $92.81 after climbing above $100 per barrel earlier in the day.

Crude prices surged after Russia launched its military invasion of Ukraine. As the conflict escalates with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies.

Additionally, the current domestic crude oil stock level is approximately 10% lower than mid-February 2021, contributing to pressure on domestic crude prices.

Ways to Save on Gas:

Studies have repeatedly shown that personal driving habits are the single biggest factor that affects vehicle fuel consumption. AAA offers the following fuel-saving tips to help minimize the pressure of rising prices on consumers’ wallets.

.Drive Gently: One of the easiest and most effective ways to conserve fuel is to change driving styles. Instead of making quick starts and sudden stops, go easy on the gas and brake pedals.

.Slow Down: Drive the speed limit. On the highway, aerodynamic drag causes fuel economy to drop off significantly as speeds increase above 50 mph. Even on higher speed roads, driving the speed limit will help limit fuel consumption.

.Avoid Engine Idling: Warming up an engine in the winter is unnecessary and wastes fuel. In general, if your car is outside the lane of traffic and will be stopped for more than 60 seconds, shut it off to safe fuel. Many newer cars have automatic engine stop-start systems that do this.

.Combine Trips and Errands: Several short trips, each starting with a cold engine, can use twice as much gas as one long, multipurpose trip.

.Lighten the Load: A heavier vehicle uses more fuel. Cleaning out the trunk, cargo areas and passenger compartments can help lighten the vehicle.

.Keep up on Routine Maintenance: Follow the vehicle manufacturer’s recommendations for vehicle maintenance. Regular service will ensure optimum fuel economy, performance and longevity.

.Check Your Tires: Make sure your tires are filled to the pressure level indicated on the vehicle’s driver-side door jamb. Underinflated tires can reduce fuel economy. In addition tires low on air degrade handling and breaking, wear more rapidly and can overheat and blowout.

Additional fuel- saving tips are available at https://gasprices.aaa.com/news/fuel-saving-tips/.

Daily national, state and local gas price averages and the latest news on gas prices is available at: GasPrices.AAA.com

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