Home AAA: Gas prices making rapid climb
Local News

AAA: Gas prices making rapid climb

Contributors

gas pricesGas prices in the Mid-Atlantic region continue their steady climb, mirroring the rise of prices nationally. Sunday’s national average price of $1.93 reflects a jump of 12 cents on the week, and 23 cents more per gallon versus one month ago. On the flip side, significant yearly discounts remain as pump prices are down 51 cents on the year. The national average, along with regional prices, will likely continue to move higher due to spring turnaround activity and reductions in supply in select regional markets.

Crude oil prices continue to rally as market fundamentals start pointing toward supply and demand coming more into balance in the nearer-term. WTI traded above $38 per barrel on Wednesday, its highest price since the beginning of the year, and settled at $38.50 per barrel at the close of Friday’s formal trading session on the NYMEX. This price represents a gain of $2.58 over last week.

“Despite the recent seasonal uptick in prices at the pump, this year’s spring turnaround has been characterized by lower-than-expected prices. This is prompting a number of refineries to adjust their maintenance schedules and/or cut production,” said Martha Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “The lower price of crude oil and abundant supplies should keep a ceiling on how high gas prices move in the coming months.”

Refineries are reportedly beginning to reduce production in preparation for the seasonal switchover to summer-blend gasoline. Prices generally move upward during this time of year and while prices are not expected to rise to last year’s level, the impact of this shift in production schedule, combined with other seasonal factors, may cause prices to swing at the regional level at a faster rate than normal as supply and demand seek balance.

Contributors

Contributors

Have a guest column, letter to the editor, story idea or a news tip? Email editor Chris Graham at [email protected]. Subscribe to AFP podcasts on Apple PodcastsSpotifyPandora and YouTube.

Latest News

jason miyares
Politics, Virginia News

‘Sophisticated cyberattack’ takes Jason Miyares, OAG offline: Report

school classroom teacher
Local News

Rockingham Academy teacher receives first Bridgewater College leadership award

Jennifer Trumbo, a math and science teacher at Rockingham Academy, has received the 2024 Bridgewater College Educational Leadership Award.

matt schlapp
Politics, U.S. & World News

CPAC chair Matt Schlapp allegedly groped man at Northern Virginia bar

American Conservative PAC chairman Matt Schlapp, who agreed to a $480,000 settlement to resolve a sexual-harrassment suit filed by a Republican aide last year, is facing a fresh same-sex harassment allegation from an incident at a Northern Virginia bar over the weekend. According to reporting by journalist Yashar Ali, Schlapp closely followed a group of...

social change protest
Local News, Politics

National Day of Protest: Staunton protest on Monday joins anti-Trump movement

drug seizure cocaine fentanyl
Virginia News

Roanoke narcotics sting leads to two arrests, eight kilos of cocaine seized

uva basketball ron sanchez
Basketball, Sports

UVA Basketball: Ron Sanchez not thinking about job future, focus is on ‘right now’

drug trafficking arrest
Virginia News

Woman arrested after attempt to smuggle $75K in drugs into Virginia correctional center