Home Gas prices up sharply over the past week: A sign of things to come?

Gas prices up sharply over the past week: A sign of things to come?

Chris Graham
(© Daniel Thornberg – stock.adobe.com)

You might have noticed that gas prices are pushing back up past the $3 a gallon mark. The push is due to last week’s record cold snap, but global developments could keep them from coming back down.

“China’s reopening plans gave markets inspiration that global oil demand will start to recover, as China’s nearly three-year COVID-zero policies appear to be coming to an end,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

The national average price of gasoline was up 12.3 cents per gallon in the last week, averaging $3.17 per gallon on Monday. Virginia prices are up 14.4 cents per gallon on average, at $3.08 per gallon.

The cold snap led to refinery issues that shut down more than a million barrels of refining capacity last week, De Haan said.

“While the jump at the pump will likely be temporary as most refiners get back online after cold-weather related issues, some regions like the Rockies may see more price increases than others as cold-weather shutdowns hit the region fairly hard, with one refinery likely remaining down through the first quarter of 2023,” De Haan said.

Chris Graham

Chris Graham

Chris Graham is the founder and editor of Augusta Free Press. A 1994 alum of the University of Virginia, Chris is the author and co-author of seven books, including Poverty of Imagination, a memoir published in 2019, and Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, and The Worst Wrestling Pay-Per-View Ever, published in 2018. For his commentaries on news, sports and politics, go to his YouTube page, or subscribe to his Street Knowledge podcast. Email Chris at [email protected].