Politics & Government
Gas Prices About to 'Get Ugly,' Experts Say
Despite Virginia Governor Bob McDonnell's recent tax break, prices are set to rise considerably this summer.
By Mary Ann Barton
Virginia motorists were expecting a break at the pump this month, as gas taxes dropped July 1 as part of Gov. Bob McDonnell's transportation bill.
But that price drop hasn't happened, for a variety of reasons.
One is that many gas station operators have said they are still selling gas they purchased before the tax changes.
Other factors are contributing, too, and prices could even start rising again this week.
Monday morning, gas prices in Herndon varied from $3.69 at the Shell at Leesburg Pike and Dranesville Road, to $3.83 at the Exxon station at Elden and Van Buren streets.
“After several months of declines, it is quite possible that we have seen gas prices reach their seasonal low,” said John B. Townsend, manager of Public and Government Affairs for AAA Mid-Atlantic, in a news release.
It's about to turn ugly at the pump though, starting this week, AAA says.
“Experts are warning motorists to brace themselves for what could be sticker shock at the pump in the weeks ahead," Townsend said. "A combination of higher wholesale gas prices, an increase in summer demand, and concerns about instability in Egypt and North Africa has already sent prices higher in the past week - a trend that could continue through the remainder of summer.”
As what AAA-Mid Atlantic calls a “perfect storm,” of sorts, aligns — higher wholesale gasoline prices and a jump in crude oil prices, coupled with geopolitical concerns in Egypt and an unusually large drop in U.S. crude inventories over the last two weeks — gasoline prices are expected to rise sharply in the coming days.
Short-term, gas prices are likely to go into the $3.60 to $3.70 per gallon range, according to Tom Kloza, chief oil analyst for OPIS and AAA gas price partner.
Gas prices peaked so far for 2013 on Feb. 27 at $3.79 per gallon, and were last at around $3.65 per gallon in May.
On Sunday, the average price for a gallon of regular gas in D.C. was $3.80; in the metro area it was $3.62. The national average was $3.60.
If you're hitting the road on a summer vacation, you can find gas prices along your route by downloading a free app from AAA or consulting the website GasBuddy.com and entering your location.
Are rising gas prices affecting you so far? Are you rethinking any summer trips because of it? Tell us your thoughts in the comments below.
Virginia motorists were expecting a break at the pump this month, as gas taxes dropped July 1 as part of Gov. Bob McDonnell's transportation bill.
But that price drop hasn't happened, for a variety of reasons.
One is that many gas station operators have said they are still selling gas they purchased before the tax changes.
Other factors are contributing, too, and prices could even start rising again this week.
Monday morning, gas prices in Herndon varied from $3.69 at the Shell at Leesburg Pike and Dranesville Road, to $3.83 at the Exxon station at Elden and Van Buren streets.
“After several months of declines, it is quite possible that we have seen gas prices reach their seasonal low,” said John B. Townsend, manager of Public and Government Affairs for AAA Mid-Atlantic, in a news release.
It's about to turn ugly at the pump though, starting this week, AAA says.
“Experts are warning motorists to brace themselves for what could be sticker shock at the pump in the weeks ahead," Townsend said. "A combination of higher wholesale gas prices, an increase in summer demand, and concerns about instability in Egypt and North Africa has already sent prices higher in the past week - a trend that could continue through the remainder of summer.”
As what AAA-Mid Atlantic calls a “perfect storm,” of sorts, aligns — higher wholesale gasoline prices and a jump in crude oil prices, coupled with geopolitical concerns in Egypt and an unusually large drop in U.S. crude inventories over the last two weeks — gasoline prices are expected to rise sharply in the coming days.
Short-term, gas prices are likely to go into the $3.60 to $3.70 per gallon range, according to Tom Kloza, chief oil analyst for OPIS and AAA gas price partner.
Gas prices peaked so far for 2013 on Feb. 27 at $3.79 per gallon, and were last at around $3.65 per gallon in May.
On Sunday, the average price for a gallon of regular gas in D.C. was $3.80; in the metro area it was $3.62. The national average was $3.60.
If you're hitting the road on a summer vacation, you can find gas prices along your route by downloading a free app from AAA or consulting the website GasBuddy.com and entering your location.
Are rising gas prices affecting you so far? Are you rethinking any summer trips because of it? Tell us your thoughts in the comments below.
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