Ohio gasoline prices have spurted to a new record high. The cost of regular jumped by about 8 cents in 24 hours to Wednesday's statewide average of close to $3.48 per gallon, according to AAA and the Oil Price Information Service. Again, that's an average. Throughout Ohio, it's not difficult to find service stations selling regular for $3.59.$3.59 per gallon was common on the east side of Columbus while prices on the west side were a bit lower.
The high cost of crude oil - trading Wednesday at $118 per barrel - is behind the high gasoline prices. Retail pricing analyst Fred Rozell says the high price of crude is driven by the weak dollar and the commodities market become an attractive investment.
Fred Rozell is director of retail pricing for the Oil Price Information Service.