Sunday, February 28, 1999
Asian demand said to be causing gas-price rises
Rates still below year-ago levels
BY BERNIE MIXON
The Cincinnati Enquirer
After weeks of enjoying cheap gas prices, Tristaters had to reach deeper into wallets this weekend to fill up their vehicles.
At a Shell station in West Chester, regular unleaded going for 78.9 cents a gallon Wednesday rose to 94.9 cents Saturday.
Industry watchers say consumers can blame the increase on a rebounding Asian economy and subsequent demand for crude oil.
“The Asian demand for crude oil products is beginning to increase, which will most likely stabilize the price throughout this year and in the year 2000,” said Amy Frede, a spokeswoman for AAA Cincinnati.
A gallon of self-serve regular gasoline sold for $1.16 per gallon in January 1998. From December to January, the average price of unleaded gasoline declined 4.4 cents per gallon to 97.9 cents a gallon — the lowest price since 1979.
As of Feb. 16, the state average price for regular unleaded gas was 92 cents a gallon, according to AAA Cincinnati. In Kentucky the state average was 88 cents, with Indiana residents paying the cheapest average price at 85 cents.
At a Thornton's in Erlanger, Ky., where earlier this month unleaded sold for 77.9 cents per gallon, prices went up this week to 89 cents and then back down to 87 cents a gallon Friday.
And how have customers reacted to the change?
“Everyone wanted to know why the gas prices were so high,” said Oakie Vaughn, manager. But the increase has not hurt business, he added.
In West Chester, Barry Mathews, a cashier at the Shell station, said although the price for unleaded has increased to 94.9 cents, even that price is better than last year's cost.
One industry that feels the impact of gas increases is commercial transportation.
“I don't have a problem with it,” said Jay Williams, a downtown Cincinnati taxi driver who uses a tank of gas a day. “What goes up, must come down.”
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