VIRGINIA BEACH — A recent refinery issue has caused a surge in gas prices ahead of Labor Day weekend, AAA reports.
The national average for a gallon of regular went up more than 7 cents this past week to $3.21, mainly due to flooding at BP Whiting Refinery in Indiana. The largest refinery in the Midwest shut down operations for several days following a severe thunderstorm. As a result, AAA said states in the Great Lakes region saw an increase in gas prices, but they may get some relief soon now that the refinery is back online.
Overall, summer gas prices have remained steady and should trend downward as the fall season begins, according to AAA, but the incident in Whiting underscores the futility of predicting gas prices. Mother Nature and geopolitical events can suddenly and unexpectedly impact fuel prices, AAA said.
According to new data from the Energy Information Administration, gasoline demand increased from 8.84 million barrels per day last week to 9.24 million. Total domestic gasoline supply decreased from 223.6 million barrels to 222.3 million. Gasoline production increased last week, averaging 10 million barrels per day.
Locally, the gas price average for the commonwealth Thursday was $3.03. Thursday’s price was two cents higher than a week ago and four cents higher than a month ago. In Hampton Roads, prices increased five cents to $3.11, which is four cents higher than a month ago and one penny higher than a year ago.
