VIRGINIA BEACH — After months of barely budging more than a few cents, the national average for pump prices surged 12 cents since last week to $3.27.
According to AAA, a significant contributor is a shutdown at the large BP-Whiting refinery in Indiana, which has been offline for more than two weeks due to a power outage. The refinery processes 435,000 barrels of crude per day, and the shutdown has caused prices throughout the Midwest to climb, pushing the national average higher as well.
“Pump prices usually move higher this time of year, but a 12 cent jump in one week is notable,” said Ryan Adcock, AAA spokesperson. “However, the refinery shutdown will likely be resolved soon, so further increases at the pump should revert to slower and lower seasonal gains.”
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.81 million barrels to 8.17 million last week. Total domestic gasoline stocks, meanwhile, declined by 3.7 million barrels to 247.3 million. AAA said lower gas demand would typically push pump prices down, but fluctuating oil prices and tight gas supply increase prices.
Thursday’s national average of $3.27 is 21 cents more than a month ago, but 14 cents less than a year ago.
Quick Stats
According to AAA, these 10 states have seen the largest increases in their averages since last Thursday: Ohio (+30 cents), New Mexico (+25 cents), West Virginia (+25 cents), Colorado (+20 cents), Maryland (+19 cents), Virginia (+19 cents), Pennsylvania (+19 cents), Illinois (+19 cents), North Carolina (+18 cents) and Montana (+17 cents).
Local Stats
Locally, the gas price average for the Commonwealth increased to $3.23 — a staggering 19 cents higher than a week ago and 31 cents higher than a month ago. In Hampton Roads, prices increased 12 cents to $3.17, 28 cents higher than last month and two cents higher than a year ago.
