AAA Mid-Atlantic: Drivers to pay higher gas prices this week

Continued high demand, lower inventories and rising oil prices

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High gasoline demand, tightening supplies and an increase in crude oil prices have made way for higher prices of gasoline- as much as 6 cents higher in some areas of Virginia, according to AAA Mid-Atlantic.


Sunday’s national gas price average is $2.56, which is 3 cents higher than last week's, 8 cents higher than last month's and 38 cents higher than this time last year.

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The average price per gallon of gasoline in Virginia is $2.32, which is 4 cents higher than a week ago. Roanoke gas prices remain slightly lower than the state average at $2.31, compared to $2.30 a week ago. That average is 28 cents higher than what Roanoke drivers paid this time last year. 

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $56.74 per barrel, $1.10 higher than the previous week, according to AAA Mid-Atlantic. Earlier this week, crude oil jumped to $57 per barrel, its highest level in two years.  Political tension in the Middle East has been a factor driving oil prices higher.  Tensions rising between Saudi Arabia and Iran, especially over Yemen, are fostering concerns that a war will erupt in the region and disrupt oil.

 “October saw strong demand numbers for gasoline likely, in part, due to consumers taking advantage of the unseasonably warm weather,” said Tammy Arnette, senior public affairs specialist for AAA Mid-Atlantic. “As consumers fill up their tanks more frequently, we are seeing supply levels tighten and gas prices increase. However, we don’t expect this increase to be long-term as colder weather arrives and gasoline demand decreases.”


Consumers could expect some minor drop in gasoline prices in the week ahead, according to AAA Mid-Atlantic. U.S. regular gasoline retail prices averaged $2.51 per gallon in October, a decrease of 14 cents from the average in September, which reflected the effects of market disruptions following hurricanes Harvey and Irma. The Energy Information Administration forecasts the U.S. regular gasoline retail price will average $2.47 per gallon in November and $2.39 per gallon in December. EIA forecasts that U.S. regular gasoline retail prices will average $2.40 a gallon in 2017 and $2.45 a gallon in 2018.


To locate the lowest fuel price in your area click here for AAA Fuel Price Finder.


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