Gas prices continue to push up sharply: Is there a break on the horizon for consumers?
Economy, U.S.

Gas prices continue to push up sharply: Is there a break on the horizon for consumers?

Chris Graham
gas prices
(© fred goldstein – stock.adobe.com)

Gas prices continue to push upward, jumping 7.8 cents per gallon nationally, to $3.79 per gallon, according to a Monday update from GasBuddy.

Virginia drivers are paying an average of $3.67 per gallon, up 7.7 cents per gallon from a week ago.

The issue: the continuation of a recent trend of increases in oil prices and continued pressure from hot weather that has impacted U.S. refineries.

Diesel is up a concerning 14.9 cents per gallon, to $4.14 per gallon, and we will likely see “upward momentum” with diesel prices in the coming weeks, per Patrick De Haan, head of petroleum analysis at GasBuddy.

The short-term trend for other motorists is positive: “The pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak over the weekend and is beginning to gently fall,” De Haan said.

But, and there’s always a but …

“With oil remaining under pressure from Saudi Arabia extending its 1 million barrel per day production cut into September, the respite from gasoline rising may not last long,” De Haan said.

Chris Graham

Chris Graham

Chris Graham is the founder and editor of Augusta Free Press. A 1994 alum of the University of Virginia, Chris is the author and co-author of seven books, including Poverty of Imagination, a memoir published in 2019, and Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, and The Worst Wrestling Pay-Per-View Ever, published in 2018. For his commentaries on news, sports and politics, go to his YouTube page, youtube.com/chrisgrahamAFP.