Gas prices keep increasing, but why?
PORTSMOUTH, Va. (WAVY) – Drivers all across the Hampton roads region have probably notice a recent climb in gas prices, but why?
According to AAA, tensions in the Middle East and lackluster demand for gasoline paired with decreasing oil prices are to blame.
Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says
“The situation overseas with war in both the Middle East and Ukraine has the oil market on edge,” AAA spokesperson Ryan Adcock said. “But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and Memorial Day. So, the national average for gas may waffle a bit with small increases, some flat days, and even some price dips.”
The national average for gas prices sits at $3.67 right now, which is a 21 cent increase from last month.
According to the Energy Information Administration, the demand for gas rose slightly while total domestic gasoline stocks decreased, contributing to the overall increase in price.
Gas price averages can be found below:
April 18, 2024 | Week Ago | Month Ago | Year Ago | |
National | $3.67 | $3.63 | $3.46 | $3.67 |
Virginia | $3.52 | $3.49 | $3.37 | $3.53 |
Hampton Roads | $3.55 | $3.48 | $3.36 | $3.56 |
Richmond | $3.55 | $3.53 | $3.37 | $3.52 |
To view gas prices for your area, click the link here.
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