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AAA Mid-Atlantic: Gas prices on the rise

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(WSLS 10) – According to AAA Mid-Atlantic, gas prices at the pump are going up.

The national average has spent 25 consecutive days above $2 per gallon and has increased on the week by 7 cents. Motorists are paying 15 cents more per gallon on the month. Sunday's average is $2.11 per gallon, which is 30 cents per gallon cheaper than a year ago.

In the local region, prices have been on the rise, some more than 10 cents over the previous week. Despite pump prices remaining above $2 per gallon, yearly discounts persist for consumers in every state and Washington, D.C.

CURRENT AND PAST GAS PRICE AVERAGES

Regular Unleaded Gasoline (*indicates record high)

per barrel

(Friday 4/15/16 close)

Today 4/17/16 Week Ago 4/10/16 Year Ago 4/17/15
National $2.11 $2.04 $2.41
Virginia $1.94 $1.89 $2.21
Charlottesville $1.94 $1.87 $2.20
Norfolk Area $1.93 $1.86 $2.17
Richmond $1.90 $1.86 $2.21
Roanoke $1.92 $1.88 $2.16
Crude Oil $40.36

$39.72

per barrel

(Friday 4/8/16 close)

$61.87

per barrel

(4/10/15)

According to AAA, at the close of Friday's formal trading session on the NYMEX, WTI was up 64 cents and settled at $40.36 per barrel. U.S. oil closed at a 2016 high of $42.17 a barrel on Tuesday as traders seemed to be encouraged that a production freeze may be in the works. Some oil traders have said that oil prices have gone as low as they will go and the market should see the price rebound continue barring any unforeseen events.

The Weekend

"Gas prices are likely to fluctuate as the supply of summer-blend gasoline continues to make its way to the pumps," said Martha Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  "Despite pump prices climbing above $2 per gallon, motorists continue to enjoy prices lower than this time last year.  Barring any major disruptions or shortages in supply, prices should remain relatively steady in the coming weeks."

The Week Ahead

The U.S. Energy Information Administration forecasts that U.S. drivers will pay an average of $2.04 per gallon this summer for regular gasoline, according to EIA's Short-Term Energy and Summer Fuels Outlook. The forecast price for summer 2016 is 59 cents/gal lower than the average price last summer.

AAA has a variety of resources to help motorists save on fuel:


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