Gas prices at recent high

Gas prices are up 40 cents a gallon from where they were a month ago, as a refueling economy has pushed demand.
The average for a gallon of regular unleaded nationwide was at $2.47 Monday morning, with Virginia at $2.37 a gallon, up from the $1.94-a-gallon average of a month ago, according to AAA Mid-Atlantic.

Crude oil is trading at a recent high of $66.31 a barrel on the heels of a report last week indicating the biggest jump in consumer confidence since 2003.

“Demand for oil and gasoline is expected to strengthen somewhat during the summer driving season,” said Martha M. Meade, manger of public and government affairs for AAA Mid-Atlantic. “As motorists take to the roads, gas prices are expected to peak between now and Labor Day. When exactly that short-term peak will come remains to be seem, however, some analysts believe gas prices could revert back down to near $2.00 a gallon by summer’s end.”

– Story by Chris Graham