CLEVELAND (WJW) – Gas prices have hit a new all-time high – again.
According to AAA, the national average is a record-setting $4.37 a gallon.
Diesel prices have hit a record too at $5.50 a gallon.
According to Kiplinger, record-high inflation is just one factor in rising prices.
The COVID-19 pandemic drove down demand, the business forecaster says, so oil companies lowered production.
Now, demand has had a roaring comeback, but production hasn’t recovered.
Kiplinger also cites the ongoing Russian war in Ukraine, which is destabilizing the market.
FOX Business reports that the European Union is also considering oil sanctions on Russia.
Russia is the world’s third-largest oil producer.
The statewide average in Ohio is $4.17, according to AAA.
Right now the lowest prices are in Huron County, where the average price is $4.12 a gallon.