More of the same – pain at the pump, that is

The average price of a gallon of regular unleaded hit the $2.31 mark today, with the price at the pump in Virginia reaching the $2.21-a-gallon mark as the days count down to the start of the summer driving season.

We were below $2 a gallon a month ago in Virginia, and were in the $1.60-a-gallon range back in the Commonwealth in January.

Fueling the recent run of price increases is a spike in the cost of crude oil, which is trading above $60 a barrel after falling below $50 a barrel earlier in the year.

Consumer demand, meanwhile, is at a 14-year low.

“Motorists will undoubtedly see gas prices continue their uptick through the Memorial Day weekend,” said Martha M. Meade, manger of public and government affairs for AAA Mid-Atlantic. “However, despite increases at the pump, 32.4 million people (a 1.5% increase over last year’s dismal travel season) are expected to take to the highways this Memorial Day weekend for the official start of the summer driving season. After months of cabin fever, deep travel discounts and cheaper gas will lure many Americans out and about for the upcoming holiday weekend.”

 

– Story by Chris Graham