RICHMOND, Va. – Holiday travel is typically a revenue generator for the oil industry; however, a recent survey and study found that gasoline sales tanked to a 23-year low over Thanksgiving.
As predicted, AAA said more Americans stayed home this year; however, gas prices are rising in Virginia.
In typical years, supply and demand would be the culprit of rising prices this time of year. Yet experts are suggesting a link between pump prices and the COVID-19 vaccine.
“It’s more about gains – very robust gains in crude oil prices. There is a lot of optimism in the oil market right now with the vaccine starting to rollout. We saw it rolling out in the UK today. Promises of a return close to something of normal in the future as well. It’s those prices for crude oil that are driving pump prices right now,” explained Morgan Dean, AAA spokesperson.
To check gas prices in your area, click here.