AAA: Gas prices may rise 5-10 cents by Memorial Day

gas pricesGas prices continued to increase this week in some states, but not at the rate seen two weeks ago when some areas in the Mid-Atlantic saw nearly double-digit increases.

Sunday’s gas price averages in many Mid-Atlantic states are even with last week. Today’s national gas price average is $2.81, which is the same as last week, up 15 cents in the last month and 46 cents higher than this time last year. Today’s price is 14 cents higher than last year’s highest price, which was $2.67 on September 8, 2017.

Today’s Virginia average is $2.62 per gallon, which is the same as last week, an increase of 15 cents in the last month and 45 cents higher than one year ago.

“We expect prices to continue increasing, potentially another 5 to 10 cents, through Memorial Day,” said Tammy Arnette, senior public affairs specialist for AAA Mid-Atlantic. “Even with gasoline demand remaining flat during the past two weeks, the national gas average increased five cents in the past two weeks with other factors driving prices, including the switchover to summer blend, geopolitical events, global supply and U.S. production. While at least nine states have hit the $3/gallon mark, AAA does not expect the national average to reach $3/gallon this year.”

The national retail average price of self-serve regular gasoline could hover well shy of the three dollar mark, around $2.87 to $2.92 per gallon, through Memorial Day, the official start of the summer driving season. Consumers could face the most expensive driving season in four years or since 2014, according to AAA. Consumers in nine states are already grappling with pump prices that have hit the $3/gallon mark, but it is unlikely the national average will soar that high.
Of the nine states over $3/gallon, only Pennsylvania is located on the East Coast, but the District of Columbia, New Jersey, Connecticut and New York are close behind. Refineries are now federally-mandated to produce the more expensive summer-blend gasoline. On June 1, retailers must make the switch to selling the summer-blend gasoline.
AAA has a variety of resources to help motorists save on fuel:

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