WASHINGTON — Since the beginning of the year, the national gas price average has increased 13 cents due to an uptick in crude oil prices.
This week’s average price for a gallon of gasoline is $2.38, which is still cheaper year-over-year by 17 cents.
The last time the nation saw a substantial January pump price increase was in 2009. That year, the national gas price average jumped 23 cents inside of the first three weeks of the year. At that time U.S. gasoline demand and supply were lower and crude oil prices had been increasing, similar to today.
Crude oil prices continue to increase — recently pricing as high as $53/bbl.
The latest Energy Information Administration (EIA) reports show gasoline demand remains low at 7.5 million b/d, which contributed to a 4.4 million bbl increase to gasoline supply, for a total of 245 million bbl.
“The higher price of crude is outweighing sustained low gasoline demand and a build in gasoline supply,” said Jeanette Casselano McGee, AAA spokeswoman. “Motorists can expect gas prices to continue to climb through at least the end of the month.”
In the past week, every state saw an increase at the pump, with 14 state averages jumping at least seven cents. While all states are paying less year-over-year, the coming weeks could put an end to that 10-month trend.
Gas prices in the Alleghany Highlands reflect a national trend that has seen an average increase of 13 cents since the beginning of 2021. Officials expect gas prices to continue their climb at least through the end of January. (Darrell Gleason Photo)
The Virginian Review has been serving Covington, Clifton Forge, Alleghany County and Bath County since 1914.