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17 April 2018, 01:28 | Randall Craig
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Meanwhile, the Energy Information Agency is reporting that crude oil production in the lower 48 states broke more records last week, topping 10 million barrels per day for the first time in recorded history. Prices are expected to fall back down after Labor Day.
Gas prices as of Sunday, were 30-cents higher than they were this time previous year.
The current gas average in Virginia is $2.53, which is the highest gas has been in the commonwealth since the summer of 2015.
This comes on the heels of recent weeks of flat prices or slow cost increases, when crude oil prices were hit by some steep dips in stock markets and concerns about a tariff battle between the United States and China. Also nationally, gas has risen 18 cents since more than a month ago.
Tennessee, TN, April 16- Average retail gasoline prices in Tennessee have risen 6.2 cents per gallon in the past week, averaging $2.52/g yesterday, according to GasBuddy's daily survey of 3,821 gas outlets in Tennessee. That's the highest since early last fall when prices briefly spiked up to an average of $2.54 per gallon after Hurricane Irma temporarily cut off some gas pipelines.
Be prepared to pay more at the pump, AAA Western and Central New York reported Monday that the national gas price jumped five cents in a week with similar trends here in New York State. And the prices are only going to go higher, experts say. With Baker Hughes, Inc. reporting that the USA added seven oil rigs last week - bringing the total to 815.
Patrick DeHaan, the head of petroleum analysis for GasBuddy, said gas prices have peaked in mid-May the past few years as refineries finish the transition to a more-expensive summer blend.
The tension in the Middle East and fears of US sanctions against Syria's sponsors - Russian Federation and Iran - have prompted a tightening of global crude oil supplies. "With the national average gas price now at its highest since July 26, 2015, I can't immediately allay all fears of a continued spike in gas prices, however, we're likely in the closing innings of the seasonal rise- let's just hope we don't go to extra innings".
DeHaan said refinery maintenance has gone well so far, gasoline supply has continued to increase and the transition to summer gasoline supplies is nearly finished.
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