Gas prices inching back up to $2 a gallon in Virginia

gas pricesGas prices nationally have spent 25 consecutive days above $2 per gallon, and Virginia’s average is at a recent high, at $1.94 a gallon today.

In the Mid-Atlantic region, prices have been on the rise, some more than 10 cents over the previous week.

“Gas prices are likely to fluctuate as the supply of summer-blend gasoline continues to make its way to the pumps,” said Martha Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Despite pump prices climbing above $2 per gallon, motorists continue to enjoy prices lower than this time last year.  Barring any major disruptions or shortages in supply, prices should remain relatively steady in the coming weeks.”

At the close of Friday’s formal trading session on the NYMEX, WTI was up 64 cents and settled at $40.36 per barrel. U.S. oil closed at a 2016 high of $42.17 a barrel on Tuesday as traders seemed to be encouraged that a production freeze may be in the works. Some oil traders have said that oil prices have gone as low as they will go and the market should see the price rebound continue barring any unforeseen events.

The U.S. Energy Information Administration forecasts that U.S. drivers will pay an average of $2.04 per gallon this summer for regular gasoline, according to EIA’sShort-Term Energy and Summer Fuels Outlook. The forecast price for summer 2016 is 59 cents/gal lower than the average price last summer.

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