Gas prices rise for Virginia drivers, but Hampton Roads gets a break


Analysts say prices at the pump are poised to quickly move lower - at least for a while - because crude oil has plunged to its lowest cost of the year.

That's still high compared with recent history - 19 cents more than a month earlier, 36 cents more than a year ago, and 93 cents more than the average for the week of February 15, 2016. Florida prices averaged $2.65, some 37 cents higher than a year ago.

Average retail gasoline prices in area have fallen 3.4 cents per gallon in the past week, averaging $2.33/gallon on Sunday, according to GasBuddy's daily survey of 418 gas outlets in the Knoxville area.

Drivers in the West Palm Beach-Boca Raton market paid the state's highest average price, at $2.74.

Despite the USA supply only registering a half a percent increase according to the EIA's weekly report, it was a key reason in the drop of oil price. "Expect volatility at the pump as these forces collide". Today's price is 3 cent less than last week, 6 cents more than a month ago and 30 cents more than a year ago. A weekly report from the government also showed more inventory in crude oil, gasoline and distillate - meaning that wholesale gas prices were pushed down.

"As the Dow Jones average swung violently, oil prices lost considerable ground, falling below $60 per barrel for the first time this year", DeHaan said.

"These factors have opened the door for perhaps a brief window of relief at the pump that may last for several weeks".

As a result, many consumers are paying more for gas, the release said.

"Californians are way too familiar with refinery fires, refinery explosions, that have impacted gas prices if there is a major event this spring we could see those 4 dollar a gallon gas increase". Founded in 2000, the original GasBuddy website was a pioneer in crowd-sourced information, leveraging technology, big data, and a passionate community that now connects more than 70 million users with real-time, accurate fuel pricing information as well as reliable reviews of gas station amenities and services.