Gas prices continue climb
Regular unleaded is over $2.50 a gallon in Virginia now, and with crude oil breaking the $70-a-barrel barrier, the pain at the pump is only going to get more intense.
“We expect to see small gas price increases through the Fourth of July,” said Martha Meade, the manager of public and government affairs at AAA Mid-Atlantic. “We do not expect dramatic price swings like we saw last summer. But when people spend more money to fill up their gas tanks, they have less money in their pockets to spend on everything else, and that doesn’t help economic recovery.”
It’s likely that the economic recovery that we’ve been seeing looking at selected economic indicators is at the heart of the increase at the pump. Crude-oil prices, for example, have more than doubled since hitting $32.40 a barrel in December, which is around the time we saw regular unleaded at a few locations in the Shenandoah Valley dip below $1.40 a gallon.
As of this morning, the average price of a gallon of regular unleaded was at $2.52 a gallon in Virginia.