Gas prices in Cleveland increased 54 cents over the last week to an average of $3.43 per gallon of regular unleaded fuel, according to the American Automobile Association. The average price of a gallon of gas in Akron is $3.47, up 62 cents from one week ago.
State average
AAA reports the average price of gas in Ohio is $3.43 per gallon, 63 cents higher than statewide figures one year ago and 65 cents higher than last week.
According to AAA, the highest recorded average price for regular unleaded gasoline in Cleveland was $5.01 per gallon on June 9, 2022. In Akron, the highest price was recorded June 8, 2022, at $5.06 per gallon.
What impacts prices?
Lynda Lambert, spokesperson for AAA East Central, pointed to the conflict in the Middle East as the main factor.
“Crude oil opened this (Monday) morning at more than $100 a barrel, and a week ago it was $70 a barrel,” Lambert said. “So it's important to remember that crude oil accounts for 50% to 60% of the cost of a gallon of gasoline. So when crude oil goes up, gas prices follow suit.”
The entire market is based on future expectations, said Jonathan Ernest, assistant professor of economics at the Weatherhead School of Management at Case Western Reserve University.
The conflict in the Middle East came at a time of year when prices historically begin to increase.
"Usually this is the time of year where we see sort of a seasonal low around January, where not as many people are driving around for the winter," Ernest said. "And then we see prices start to pick up a little as people are doing more driving as it gets to these nights — 60, 70-degree sunny days outside that we've been experiencing lately."
How long will price increases last?
Lambert said it's impossible to predict how long the price hikes will continue.
“A lot of it will depend on how long this conflict continues, and some of the crude oil producers in the Middle East have stopped production because they have run out of storage space. With the Strait of Hormuz being blocked, the tankers can't get through, and a fifth of the world's oil supply goes through that strait," she explained.
Ernest said higher gas prices often drive consumers to start thinking about long-term ways to save money.
"If this is in place for a really long period of time, then maybe it motivates people to switch toward more fuel-efficient vehicles more quickly," Ernest said. "We see those kinds of trends when gas prices get more expensive."
Ernest said gas prices are an overall economic indicator, because consumers drive past gas stations every day and refuel their vehicles often.
"You generally have a pretty good idea of how much gas costs," Ernest explained. "You might not have as good of an idea in your head of how much a lobster tail costs, or how much even a t-shirt costs."
Comparison to Russia invasion of Ukraine
Lambert compared the price fluctuation to 2022, when Russia invaded Ukraine.
“Prices jumped after the conflict began with Russia and Ukraine, but after about a week, they began to stabilize," Lambert said. "However, in June of 2022, that's when we saw gas over $5 a gallon. So right now, the national average appears to be stabilizing some, but it's hard to predict if there'll be any more dramatic overnight shots."
