Is There Relief Coming For Motorists? AAA Says There Is Hope

Gas Prices
hand at gas pump

VIRGINIA BEACH, Va., (November 26, 2013) - After falling to a multi-year low of $3.18 per gallon on November 12, the national average price of gas has now increased for 13 straight days and jumped 10 cents to a current average of $3.28.  This streak of rising prices comes on the heels of a stretch where the national average ticked lower on 65 of 72 days from September 1 until November 12 and fell 41 cents during that span. In Hampton Roads, prices fell from $3.39 on September 1 to a low of $3.04 on November 12 before starting a daily increase which stands at $3.26 as of today. That is a 22 cent increase in the past two weeks. Virginia’s average price for regular unleaded fuel is $3.23. This is 19 cents higher than two weeks and 10 cents lower than last month, but one cent lower than last year.

After several months of steady declines nationwide, average gas prices in many states and Washington, D.C. have moved higher over the last two weeks. This increase in retail prices has been keyed by increases in Southeastern and Mid-Atlantic states due to planned and unplanned maintenance at a number of Gulf Coast refineries and seasonally stronger demand for gasoline.

One factor not contributing to rising pump prices has been the price of crude oil. The price for crude oil has now settled below the $100 per barrel mark for six straight weeks. Even with oil prices widely expected to move lower on this agreement, the impact on pump prices will not be immediate. Changes in oil prices take a week or so to make their way through the supply chain and fully impact retail prices for consumers.

With this in mind, and given the recent rising retail gas prices in many states, AAA expects that the national average will stay flat or even rise a few cents higher leading up to Thanksgiving.  However, as gasoline refined from likely cheaper crude oil makes its way to consumers and refinery issues are resolved, AAA continues to predict that the national average will fall to about $3.10 per gallon before the end of the year and an increasing number of motorists will enjoy local prices below $3.00 as the holidays draw near.

As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 325,000 members with travel, insurance, financial and automotive-related services. Since its founding AAA Tidewater Virginia has been a leader and advocate for the safety and security of all travelers.  For more information, visit AAA.com and follow us on Twitter at Twitter.com/AAATidewaterVA.

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