Gas prices continue to climb in Virginia since last month’s winter storm in Texas, jumping as much as 10 cents since last week.
Prices will continue to increase this week, especially following the Energy Information Administration’s latest weekly reports showing a second week of major decline in gasoline stocks and a substantial increase in U.S. demand, a AAA release stated.
“On average, people in the commonwealth are paying 35 cents more to fill up compared to February,” said Holly Dalby, spokesperson for AAA Tidewater Virginia. “With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead.”
Amid tightening supply and increasing demand, the good news is that the price of crude, which accounts for more than half of the price at the pump, showed signs of stability on the week fluctuating between $64-$66/barrel. If crude sustains at this level, especially as refinery utilization increases, the jumps at t...
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