Gas prices on the rise: how high will they go?

Posted at 5:41 PM, Aug 13, 2012

Richmond, VA (WTVR) – Gas prices have risen nearly ten cents in Metro Richmond in the last week.

The price of regular unleaded now sits at $3.56 here in our area. While that’s 12 cents less than the national average, it’s 16 cents more than we were paying at this time last year.

Mike O’Connor, President of the Virginia Petroleum Convenience and Grocery Association says the reason that prices are going up is a little different this year that in the past. He says usually gas prices are driven up by demand. But this summer, the economy is the driving factor behind gas prices. As the stock market rises, so do crude oil prices and gas prices.

Problems at refineries out west are also being blamed for higher gas prices now.

O’Connor says it’s too soon to tell if prices will go back down by the end of the busy summer travel season.