What caused gas prices to rocket up 10 cents in a week

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The average price of regular gas is now $1.98 per gallon.

RICHMOND, Va. — Gas prices shot up 10 cents over the last week, according to GasBuddy’s daily survey of 567 Richmond gas stations. The average price of regular gas is now $1.98 per gallon. While sudden price jump may be jarring to some drivers, the average price per gallon today is 65-cents less than this time one year ago. Industry analysts called the recent spike in gas prices more of a blip than a trend.

“While we’ll see lower gasoline prices to return to much of the country in the weeks ahead, these types of isolated blips in gasoline prices do occasionally happen during times when crude oil prices are volatile,” GasBuddy senior petroleum analyst Patrick DeHaan said. “With recent Fed comments about raising interest rates propelling markets, don’t be surprised if we see occasional small gas prices increases followed by decreases, leading to a lower gasoline prices in time for the holidays.”

Across the country, gas prices rose about three cents in the last week. Nationally, the average price per gallon has gone down 10 cents in the last month and is 70 cents lower than last year.

Click here to use Gas Tracker to find the cheapest gas in town.

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