Like the temperatures, gas prices on the rise

by | Apr 1, 2023 | Business

Triple A Mid-Atlantic says the national average for a gallon of regular gasoline rose six cents since last week to hit $3.50. Robust demand for gasoline and rising oil prices are the driving factors for the recent uptick in pump prices.

“Oil prices finally crested and have now settled above the $70 per barrel mark after weeks of hovering just below it,” said Morgan Dean, AAA Mid-Atlantic Spokesperson, “and gas demand is very robust. These two factors will cause drivers to see prices increase for now.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.96 million to 9.15 million b/d last week. Meanwhile, total domestic gasoline stocks decreased substantially by 2.9 million bbl to 226.7 million bbl. Increased demand amid tighter supply has contributed to pushing pump prices higher. If demand continues to rise, pump prices will likely follow suit.

Today’s national average of $3.50 is 15 cents more than a month ago but 72 cents less than a year ago. Virginia’s average today is $3.36, up seven cents in a week, up 23 cents in a month, down 73 cents from this day a year ago.

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