Gas prices rise in northern Ohio but some relief at the pump could be coming soon

It's been a real roller coaster ride for motorists in northern Ohio.

The price of gas has been on a steady march up in recent weeks − rising by as many as 40 cents in a single day.

GasBuddy, which tracks prices at some 150,000 gas stations across the country, says the average price of gas in Greater Akron was about $3.63 a gallon to start the work week − down slightly from the highs of $3.75 a gallon for regular unleaded gas just a week ago.

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While prices have dropped slightly in northern Ohio, the average price nationwide rose 4.3 cents a gallon to $3.64.

This marks the third straight week that prices have risen nationwide.

But some relief may be in sight as the summer vacation driving season is approaching.

“As the nationwide changeover to summer gasoline is now behind us, at least one of the three factors that had been actively causing prices to rise in the last couple of months is behind us. However, it may take time for the largest pain point to be over: refinery maintenance. The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While Israel’s retribution on Iran was somewhat surprising, it was also measured, with Iran virtually not even mentioning it publicly. As such, the price of oil has moved slightly lower, following the de-escalation that now appears to be taking place. I’m hopeful with reduced concern in the Middle East and an end to the seasonal factors pushing prices up that Americans will soon see relief.”

If you think the price of gas in northern Ohio is high be lucky you don't live in California where the average price of a gallon of regular unleaded is $5.40.

Why do gas prices jump so often in Ohio?

It seems gas prices in northern Ohio will suddenly and dramatically jump in the middle of the day with no warning.

De Haan explains that said some Midwest states − particularly Ohio, Michigan and Indiana − are more prone to so-called pricing cycles.

Once one major chain station in the state suddenly hikes its prices dramatically every two weeks or so to better reflect the industry standard of a 50-cent profit margin for a gallon of gas, others quickly follow suit.

GasBuddy says it usually takes a couple of days or so before these same chain stations begin to compete with one another and prices slowly trickle down a few cents at a time before the two-week hike cycle starts all over again to restore the 50-cent profit margin.

This article originally appeared on Akron Beacon Journal: Gas prices trending up in northern Ohio but some relief coming soon