Virginia gas prices have jumped 19 cents per gallon in in the past week as supplies are ample, demand is relatively strong, and the required springtime refinery maintenance during the switch to summer gasoline blends are both underway.
“Climbing gas prices in the spring are as expected as seasonal allergies, the good news, however, is that prices remain substantially lower than last year and all time record highs,” said Martha Mitchell Meade, Manager Public and Government Affairs, AAA Mid-Atlantic.
Prices at the pump are likely continue to trend upward as refineries convert to summer blends in advance of the June 1 deadline for retail facilities to sell the cleaner burning fuel. This year’s refinery maintenance season is, however, characterized by lower-than-expected prices for crude oil and ample supplies, which should help keep pump prices relatively low compared to recent years.
“Projected lower gas prices in the near term this year are the result of the fact that supply continues to outpace demand and domestic production remains more resilient than expected,” added Meade.
Nationally, the average gas price has increased for 18 of the past 20 days for a total of 23 cents per gallon, and today’s price of $1.94 per gallon is the highest average in two months. Relatively low oil costs continue to provide drivers with year-over-year savings at the pump, and consumers are saving 50 cents per gallon compared to this same date last year.
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Chris Graham
