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Gas prices have soared 35 cents in the past 30 days in Virginia. In fact, prices went up a whopping 11 cents since Friday in Virginia and currently average $3.61 for a gallon of self-serve regular gas.
According to AAA, the high prices are a result of the tension between supply and demand, which are both currently down. Crude oil supply is down since OPEC cut production by nearly one million barrels per day.
Here is the upshot: a perfect storm is brewing at the gas kiosk as speculative money is flowing into the futures market like an oil gusher, oil prices are rising, and refineries are shutting down for seasonal maintenance. Much of the increase in pump prices stems from the cost of crude oil which has skyrocketed.
Gas Prices as of February 18, 2013, for a gallon of self-serve regular gasoline:|
Price Today |
Change since FRIDAY |
Price Last Month |
Price Last Year |
|
|
National |
$3.73 |
Up 9 cents |
$3.30 |
$3.56 |
|
Virginia |
$3.61 |
Up 11 cents |
$3.26 |
$3.54 |
|
Charlottesville |
$3.60 |
Up 16 cents |
$3.19 |
$3.47 |
|
Norfolk |
$3.58 |
Up 9 cents |
$3.23 |
$3.48 |
|
Richmond |
$3.59 |
Up 11 cents |
$3.21 |
$3.48 |
|
Roanoke |
$3.57 |
Up 14 cents |
$3.19 |
$3.56 |
American motorists are now spending in the neighborhood of $1.3 billion per day to fill their gas tanks. The average household spent $2,912 for gasoline in 2012, which makes up almost 4 percent of pre-tax income, according to the U.S. Department of Energy. That figure ties 2008 for the highest percentage in roughly 30 years.