It’s a perfect storm for gas prices to continue to rise
(WHSV) - Gas prices continue to rise with the average cost for a gallon of gas now at $3.38 in Virginia which is up $0.23 from a month ago. Morgan Dean of AAA Mid-Atlantic said it’s a perfect storm for gas prices to rise.
This is because of several factors including the economy continuing to recover from earlier in the pandemic. With people more comfortable driving places, demand for oil is back up while available oil is scarce. There also have been higher demands for home heating oil due to a colder winter than expected in parts of the country. The situation with Ukraine and Russia may play an impact too.
“We’re dealing with issues between Ukraine and Russia. Not so much what’s happened so far but concerns of what that could do to global oil supplies and global oil demand if something more happened there,” said Dean. Russia is a major supplier of oil to the world.
Dean also said gas prices will likely continue to increase as more people begin to travel this spring and summer. February typically has some of the lowest gas prices. Gas prices are still not at record levels for the state of Virginia as in July 2008, the average price for a gallon of gas was $4.01.
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