AAA: Gas prices pushing upward in New Year

gas pricesGas prices around the Mid-Atlantic region continued to climb higher throughout the busy holiday travel weekend and first full week of 2017.

The New Year brings gas price increases of up to seven cents in some areas of Virginia. Today’s national gas average is $2.37 per gallon, inching upward in the last week largely due to market reactions to last fall’s OPEC deal. Pump prices increased by three cents on the week, by 17 cents per gallon on the month, and are up by 38 cents on the year.

“Locally, gas prices have continued to climb, with some areas as much as seven cents higher than last week,” said Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic. “The price of oil and high demand for gasoline over the New Year’s holiday weekend contributed to increases.”

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) crude oil closed up 27 cents over last week to settle at $53.99 per barrel. Crude has closed above $52 each day this week. Both crude oil benchmarks closed out the year posting the largest annual gains since 2009, with Brent gaining 52 percent and WTI gaining 45 percent to close the year.

These gains can largely be attributed to the OPEC agreement, a deal brokered by OPEC and non-OPEC countries to cut crude oil production by 1.8 million barrels per day in an effort to rebalance the global oil supply.

Moving into 2017, retail gasoline prices will continue to hinge on the ability of cartel countries to successfully implement oil production cuts, but retail averages are likely to increase leading up to the summer driving season as seasonal refinery maintenance gets underway this spring.  In addition, traders will continue to monitor whether participating countries adhere to the OPEC agreement and the rate at which U.S. gasoline production increases.

         
 

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Feedback from buyers: “Got the Book in the Mail Saturday, and could not put it down! Great read and great photography as well! Love all of the books I’ve received, but hands down, this is my favorite!” – Russell

Buy here.


augusta free press news
augusta free press news
augusta free press news


Comments