Northeast Ohio gas prices hold steady after spike, but oil still surging

CLEVELAND, Ohio (WOIO) - After a week of surging gas prices in Northeast Ohio, prices are holding at around $3.43 a gallon for the past four days according to GasBuddy.com.

Despite the hold, drivers in Cleveland are expecting prices to go up.

“With gas prices being this high, Lyft prices kind of went down,” said Queen Chapman. “So work days i’ll be Lyfting back and forth”.

On March 1, the average in Cleveland was $2.88 a gallon, but that was before the U.S. and Israel’s attack of Iran.

That move, and the lack of oil making it through shipping lanes in the Strait of Hormuz, sent crude oil trading from about $66 a barrel to just about $100 as this article is being written.

Early Monday morning trading of WTI Crude oil got as high as $116, but as the day has progressed the price has dropped back to just about $100.

Oil tankers have decided to not proceed through the Strait, just off the Iranian coast, for fear of attacks by Iran to cause further global uncertainty.

Its estimated that 25% of the worlds oil is shipped from the Persian Gulf through the Strait.

Chapman told 19 News she drove to several different stations trying to find the best deal.

“It takes $50 just to fill my Buick all the way up,” said Chapman. “It’s like Jesus, the prices I hate it”.

You can check gas prices in our area here.