Gas prices on the rise

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by Dave Cassidy, 13News

WVEC.com

Posted on January 9, 2013 at 7:36 AM

Updated Wednesday, Jan 9 at 7:40 AM

WASHINGTON, DC - In Hampton Roads and around the country, gas prices are on the rise.

On Wednesday, the Energy Department will release the latest news on rising gas prices.

Nationally, they've gone up a penny or two in the last week. In some places, prices are up more than a dime since Christmas.   

In Hampton Roads, the price of a gallon of gas rose on average about 3.1 cents per gallon in the last week, according to Gas Buddy. Officials said they surveyed 704 gas outlets in Virginia Beach.

Senior Petroleum Analyst Patrick DeHaan said that Sunday prices were 1.9 cents per gallon higher than the same day a year ago and are 9.4 cents per gallon higher than in December.

Government analysts say speculators are again driving up oil prices, even though there's more supply and less demand. Last year, they worried Middle East unrest might curtail supplies.

Even though the US is producing more of its own supply, the price is set by the same traders in same oil markets.

Industry experts say prices could climb to just under $4.00 a gallon by summer; however, they don't think this year's average price will top the record $3.60 a gallon from 2012.

 

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