Why are gas prices going up in Dayton? - WDTN.com

Why are gas prices going up in Dayton?

DAYTON, Ohio ( WDTN) — A lot of factors are contributing to gas prices going up, but when can we expect them to go back down?

To learn more about what’s causing the increase and what to expect, 2 NEWS spoke with Dr. Jared Pincin, associate professor of economics at Cedarville University.

Pincin explained that there are multiple factors, both locally and globally, that are creating a “perfect storm” for prices to increase.

The largest oil refinery in the Midwest, located in Indiana, has been offline since a fire caused it to shut down on Feb. 1, increasing pressure on fuel supplies in our region.

“There was a fire, and because of how complex oil refineries are, they have to go through basically the entire system to see if there are any weaknesses,” said Pincin. “It’s the largest oil refinery in the Midwest so it takes a while to do it.”

On a global scale, recent attacks in the Red Sea have caused delays in shipments.

“That’s created a situation where the oil ships now have to go around Africa rather than through the Suez Canal, so that’s adding supply pressures on that side,” Pincin explained.

Pincin also mentions that as we progress into spring, the demand goes up. While this is an annual occurrence, it’s yet another element to increase prices.

“We’re coming into the spring driving season, so we have an increase in the miles driven,” he said.

With so many different factors driving up gas prices, it’s unlikely that we will see prices decreasing dramatically in the next few weeks. Pincin says they may even continue to rise.

“I would expect in the next few weeks, we will see upward pressures on prices,” Pincin said. “Whether they go much higher than they are now is determined by other factors within the oil market on a global scale. But until that refinery is back online, we shouldn’t expect prices to be coming down — at least in a meaningful way.”

To find the lowest gas prices in the Miami Valley, click here.