Gas prices could continue to trickle upward as the supply system adjusts to the changeover to the summer grade of gasoline over the next few weeks.
“As the nationwide changeover to summer gasoline is now behind us, at least one of the three factors that had been actively causing prices to rise in the last couple of months is behind us. However, it may take time for the largest pain point to be over: refinery maintenance,” said Patrick De Haan, head of petroleum analysis at GasBuddy, which is reporting Monday that the average national gas price is up 4.3 cents per gallon over last week, averaging $3.64 per gallon.
The average in Virginia is up 2.2 cents per gallon over the past week, averaging $3.52 per gallon at the start of the business day on Monday.
The national average price of diesel decreased 0.4 cents in the last week and stands at $4.01 per gallon.
The late winter and early spring typically sees a sharp increase in gas prices because of the switch to summer grades of gasoline, so what we’ve been seeing the past few weeks is not at all out of the ordinary.
“The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon,” De Haan said.
One factor that could impact prices is the continued political and military instability in the Middle East.
“While Israel’s retribution on Iran was somewhat surprising, it was also measured, with Iran virtually not even mentioning it publicly. As such, the price of oil has moved slightly lower, following the de-escalation that now appears to be taking place. I’m hopeful with reduced concern in the Middle East and an end to the seasonal factors pushing prices up that Americans will soon see relief,” De Haan said.
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Chris Graham
