Dec. 27, 2013
Pump prices climbed by double-digits in Richmond and the Norfolk and Virginia Beach, areas over the last week, leaving a lump of coal in drivers’ stockings over the holiday.
The average price of a gallon of gasoline in Richmond rose to $3.22 per gallon when just last week it was $3.10 per gallon. Moreover, the news doesn’t get any better for Norfolk and Virginia Beach drivers as the price per gallon jumped 10 cents from $3.17 per gallon last week to $3.27 per gallon today.
On average, gas prices in Charlottesville went up two cent since last week. Meanwhile, Roanoke's prices are up nine cents per gallon since Dec. 20th.
“The 2.4 million Virginians that choose to drive to holiday gatherings are feeling pain at the pump as they drive back home,” said Tammy R. Gobert, Public Affairs Specialist for AAA Mid-Atlantic. “Gas prices have jumped both regionally and nationally since last week, due to various factors with the most obvious pointing towards crude oil pricing as it inches closer towards $100 per barrel” added Gobert.
Crude oil has been trading at under $100 per barrel since Oct. 18, and dipping down to its lowest level of $92.30 per barrel since the decline. As of yesterday, Dec. 26, crude oil flirted with triple digit pricing at $99.55 per barrel.
The recent upswings in crude oil can be attributed to an increased demand, lower supply levels and faster than expected GDP growth.