Rising gas prices are causing pain at the pump locally, and that doesn’t appear likely to change soon.
Gasoline prices in Virginia averaged $2.89 on Sunday, compared with $2.84 a week ago and $2.53 a year ago, the auto club AAA reported.
The national average price of regular grade gasoline was $2.98 on Friday, a 2010 high, AAA reported. In a news release, the group said prices may reach $3 a gallon nationally by Christmas.
The averages were lower in Henry County and Martinsville on Monday, but still higher than recent weeks. According to the Fuel Price Finder on AAA’s website, the Martinsville area’s average price was $2.77 per gallon. That amount is higher than average prices last week — $2.74 per gallon — and well above this time last year, when gas was selling at an average of $2.42 per gallon, the website showed.
Several area customers and retailers said they’ve noticed the change.
“It’s definitely been on the upward trend,” said Eric Brown, the manager of Ezee Inn Mart on Virginia Avenue in Collinsville.
The price of regular gas at the Ezee Inn Mart was $2.75 per gallon Monday.
“It’s ridiculous,” customer Andy Morgan said of the recent price increases.
Morgan was filling up Monday at Harris Exxon on Virginia Avenue, where the price per regular gallon also stood at $2.75.
Morgan said he has noticed prices rising in the past two to three weeks. He added that he drives often and has to refuel almost every day, and each time he has filled his tank in the past weeks, he has noticed the total cost getting larger and larger.
However, at a pump nearby, Kim Jennings said she hadn’t really noticed the price increase. Jennings said that if the cost of gas is rising, it won’t have any effect on her holiday travel.
Martha Meade, manager of public and government affairs for AAA Mid-Atlantic, said many people probably made holiday travel plans before the increase began and aren’t likely to change them.
“They will likely keep their holiday itinerary simply by tweaking the budget,” Meade said in a news release.
Christy Webb, who was buying gas Monday at Fas Mart No. 104 on Kings Mountain Road outside Martinsville, said she has to travel for the holidays, and the rising gas prices will be a burden.
The cost of a gallon of regular gas Monday was $2.79 at that store.
Donna Stout, who also purchased gas at Fas Mart No. 104, said the increasing cost of gas “makes it harder for the holiday,” especially holiday travel. She added that residents on a budget must struggle with the rising costs just to run errands and do necessary shopping locally.
According to the Energy Information Administration (EIA) of the U.S. Department of Energy, the price of crude oil is the main contributor to the increase in retail gasoline prices.
According to the EIA, prices are expected to rise to an annual average of $3 a gallon next year.
Crude oil prices were $87.79 a barrel on Friday, but some energy analysts predict that price may rise to $100 a barrel for crude oil in 2011, according to AAA.
The EIA expects crude oil to average $84 a barrel this winter, which is more than $6 higher than the average price last winter.
The rise in price also is due to “fundamental supply and demand factors,” AAA reported. High unemployment and low economic growth in the United States may be contributing to lowered demand for gas because many people have less money to spend.
Some speculators and analysts expect that to change as the economy improves, AAA reported.
