Why are gas prices jumping again?

Posted on: 6:59 am, August 6, 2012, by

gas pump pic

RICHMOND, Va. (WTVR) – Notice something different at the gas station? Gas prices, which had been creeping back down to the $3.00 per gallon mark this summer have now jumped to $3.50 per gallon, or more, at some Central Virginia gas stations.

Why?

“Watching the national average last week, one might have expected war broke out in the Middle East or a major hurricane shutting down production, neither of which happened, yet gasoline prices spiked,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan in an email to CBS 6. “The scary thought is what may happen to gasoline prices should one of the two actually take place. The Great Lakes was hosed with refinery issues and a major oil pipeline issue, and while other regions saw increases, they paled in comparison to those in the Great Lakes states,” DeHaan said.

According to Richmondgasprices.com, gas prices rose nearly 10 cents in the last week settling at an average of $3.45 per gallon in Richmond. The national average is $3.60 per gallon.

“The good news for motorists is that the end to the summer driving season and change to winter-spec fuel is in view, which will likely put downward pressure on gasoline prices,” DeHaan said.