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Experts say demand will continue as drivers still see rising prices at the pump

The national average is $3.27, which is up seven cents from the week of Oct. 4

Drivers continue to see soaring prices at the pump.
Drivers continue to see soaring prices at the pump.

LYNCHBURG, Va. – Drivers continue to see soaring prices at the pump.

The national average is $3.27, which is up seven cents from the week of Oct. 4. In Virginia, the average is $3.10. That’s up nine cents from the previous week.

AAA says we typically see a drop after summer, but between Hurricane Ida and a leak along an east-coast pipeline earlier this month, there’s growing demand.

“Crude oil is selling for right around $80 dollars a barrel, compared to this time last year when it was about $40 a barrel. Crude oil makes up between 50-to-60 percent of the price of what you pay at the pump,” said Morgan Dean, a spokesperson for AAA.

Experts say despite the upcoming holiday travel season, we should see things get better.

“We are going to see an increase demand, especially when it comes towards Thanksgiving and holiday travel; however, we do feel that OPEC will ramp up supply in order to meet the demand, and we also think that the supply-chain issues on the west coast should quiet down a little bit,” said Nancy Hubbard, dean of the College of Business at the University of Lynchburg.

AAA says there may be distribution issues to get fuel to some stations, particularly independent ones, but they’re not seeing a wide-range fuel shortage. They’re warning drivers not to panic-buy at this time.


About the Author:

Tim Harfmann joined the 10 News team in September 2020 and works at the station's Lynchburg bureau.