AAA: Gas prices rising, but still low

Published 9:18 pm Thursday, June 18, 2015

With summer just around the corner, gas prices across Hampton Roads have risen 12 cents since last month but are still 94 cents lower than this time last year, reports AAA Tidewater Virginia.

Gas prices in the seven cities have been increasing since April 7, AAA notes, despite many market experts believing they are nearing a seasonal high, with seasonal refinery maintenance complete and crude supplies abundant.

“Gas prices unexpectedly have jumped in many areas over the previous week due to a decline in gasoline stocks caused by high fuel demand and persistent refinery problems, which has limited gasoline production,” according to AAA in a news release.

Email newsletter signup

“Despite the rise in pump prices, drivers continue to experience significant year-over-year savings.”

Crude export leader Saudi Arabia is reportedly prepared to increase production to meet demand, “which would likely keep a ceiling on the price of crude,” which is the primary factor in what motorists pay at the pump.