Gasoline prices rising, getting an early start on spring surge
National, international factors bring spring surge earlier than usual
Gasoline prices are getting an early start on their annual spring march higher.
The average U.S. retail price rose 13 cents over the past two weeks to $3.42 per gallon, and within a few days it likely will set a record for this time of year.
Regular unleaded self-serve gasoline in the Richmond region rose 10 cents in the past week — including jumping 4 cents Friday from the day before, according to AAA Mid-Atlantic. The region’s average price Friday stood at $3.30 per gallon.
“The double-digit weekly spike, combined with various national and international factors, leads AAA analysts to believe the national gas price average could rise to $3.50 per gallon in February,” said Windy VanCuren with AAA Mid-Atlantic in Richmond.
The culprits: rising crude oil prices, slowing output at refineries that are undergoing maintenance and low supplies of gasoline.
These are the kinds of factors that push gas prices higher every spring after what is normally a lull in the late fall and early winter. But a heavy schedule of January maintenance at West Coast refineries has led to sharply higher prices there. Meanwhile, low inventories have pushed prices higher on the East Coast.
And rising crude prices have pushed the cost of gas higher throughout the country.
“I’m not surprised at what I’m seeing, but I am surprised it’s coming early,” said Tom Kloza, chief oil analyst at the Oil Price Information Service.
