February 22, 2012
The average price for a gallon of gasoline in Virginia is $3.55, just three cents shy of the national average of $3.58. Historically, pump prices in Virginia lag far behind the national average by 10 to 15 cents, leaving motorists to wonder why prices are so high statewide and how much higher they will go.
According to GasBuddy.com, Virginia is 29th when it comes to gas prices.
“There have only been two times in approximately a decade when the average gas price in Virginia has been even close to the national average, and those were due to extreme circumstances,” commented Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.
When Hurricanes Katrina and Rita hit the gulf and east coast in 2005, they temporarily shut down oil refinery capacity in the region, damaged oil rigs in the Gulf of Mexico and halted the operation of a major pipeline. This essentially crippled gasoline supplies on the east coast, sent pump prices to new highs and even prompted the highly unusual release of some of our nation’s emergency petroleum reserve.
“Virginia’s source of crude oil and the closing of crude oil refineries which supply the east coast are both contributing to higher gas prices in our area,” according to Meade. “We have all known for years that the price of crude oil is the largest percentage of the price of a gallon of gas with that percentage now at about 81% for the crude oil and its refining (American Petroleum Institute), but not all crude is created equal.”
As of Feb. 22, the average price for a gallon of gas in Charlottesville is $3.49, less than 10 cents below the national average. For comparison, this time last year the Charlottesville average was 14 cents below the national average.
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