Gas Price Relief Slower to Reach Northern Virginia

| October 13, 2012 | 0 Comments | News

While the Midwest has seen some decrease in gas prices in the last few weeks, that trend is unlikely to reach Northern Virginia until the end of the year.

Prince William County residents have not enjoyed the same relief in gas prices that consumers have seen in the Midwest and experts predict the trend may continue for several more months.

“Despite lower global crude oil prices, bearish economic news, the end to the busy summer driving season and the switchover from more expensive summer-blend gasoline, the daily national average price at the pump has set a new all-time record for the calendar day for more than six straight weeks,” reports the AAA.

According to the organization, while prices are expected to decrease, most do not see that happening until at least the end of the year. Tight supplies on both coasts keep prices higher than in the Midwest.

“While gas price relief has made its way to the country’s midsection, motorists in the Northeast have seen prices trend higher in the past week or so,” said Martha M. Meade, Manager of Public and Government Affairs for AAA Mid-Atlantic.  “Supplies have been tight along the coasts; however, relief is in sight.  Experts believe prices in the Northeast will begin to ease in the coming week, with the greatest relief coming as we head into late October and November.”

Experts believe gas prices in the area will gradually ease in the coming days and weeks as more imported oil has begun to arrive in the region to ease the situation.  Tom Kloza, chief oil analyst for the Oil Price Information Service (OPIS) and AAA gas price partner expects a broad portion of the country to see prices at $3.50 or lower by Thanksgiving. But the West Coast will be closer to $4.

In Virginia, gas prices are down from one month ago; however, there has been no significant decrease in the past week. The average price for a gallon of regular unleaded gas holds at about $3.57 for a gallon.

Locally, patrons saw prices in the range of $3.70-$3.77 per gallon last week. You can always find the latest area gas prices here.

© 2012, Bristow Beat. All rights reserved.

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