Gas prices are still going up: The near-term trend is not looking good, either

Gas prices continue to rise, with GasBuddy reporting Monday that the average for a gallon of unleaded is up 7.6 cents per gallon this week.

“With oil prices touching their highest level of 2023 at nearly $83 per barrel, the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week. While the rising price of oil is likely the largest factor in rising gas prices, seasonal impacts continue to also exert pressure on prices,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

Gas prices in Virginia have risen 9.3 cents per gallon in the last week, averaging $3.53 per gallon today, according to GasBuddy’s survey of 4,081 stations in Virginia.

And prices should be headed up sharply in the near term.

“With the Northeast making the final step in the transition to summer gasoline this week, states in that region should expect a sharp rise in gasoline prices over the next week or two,” De Haan said. “Every other region has already seen the final step in the transition occur, so while other areas will see prices continue to slowly rise, the Northeast is likely to see a pretty hefty jump of 15-40 cents per gallon soon.

“Oil prices remain a wildcard, but we’re likely a few weeks away from seeing the national average peak. Whether it hits $4 per gallon or not is still perhaps a 50/50 chance,” De Haan said.