Gas prices push up sharply due to new sanctions on Iran, cold weather

Gas prices were down in the $2.50 a gallon range in my home base, Waynesboro, just a couple of weeks ago. Now we’re paying $2.89 a gallon, as prices everywhere are rising rapidly.

The main culprit: oil is back over $60 a barrel, the result of new sanctions on Iran.

“New sanctions on Iran’s oil are making it more difficult for those barrels to reach the market, tightening supply,” said Patrick De Haan, the head of petroleum analysis at GasBuddy, which has the average price for a gallon of gas at $2.84 per gallon nationally, and $2.88 per gallon in Virginia.

The Virginia average is up 13.2 cents per gallon just from seven days ago.

The national average price of diesel has increased 7.8 cents compared to a week ago and stands at $3.543 per gallon.

“Diesel prices have jumped as colder weather boosts demand for heating oil, a combination that could keep both gasoline and diesel prices moving higher in the week ahead,” De Haan said.