Experts: Don't expect high gas prices to level off any time soon
Virginia gas prices rise at one of fastest rates in country
ROANOKE, Va. – Gas prices are on the rise across the country and experts told 10 News it's only expected to get worse.
According to AAA, the national average right now is sitting at $2.91. Virginia's average is $2.68, but prices in the commonwealth are rising at the sixth-highest rate in the country, up 6 cents from a week ago. Locally, prices are rising at even faster rates. Averages in Roanoke, the New River Valley and Lynchburg are all up 7 cents in the last week.
"Oil prices have reached near four year highs on concerns that upcoming sanctions on Iran--that are effective Nov. 4--may limit the amount of crude oil flowing out of Iran," GasBuddy's head of petroleum analysis Patrick DeHaan said.
DeHaan said that means global demand is going to be higher than the supply available.
"If there's no increase in oil production from OPEC in the near short-term, we may continue to see prices moving up slowly, although I don't expect in Roanoke they would reach that $3 a gallon mark, but that's certainly possible for next year," DeHaan said.
Copyright 2018 by WSLS 10 - All rights reserved.