Gas prices jump at the pump

By Gene Petriello - bio | email
Posted by Shawn Maclauchlan

RICHMOND, VA (WWBT) - Prices are inching up by only cents. But one cent quickly turns into more cents... Even an extra dollar or so is not what many want to see in this rough economy.

We are watching the price for gas get higher and higher by the day, and filling up the tank is now making many pockets feel a little lighter.

Nationally, gas prices have jumped up four cents in the past week to an average of $2.83 for a gallon of regular gas.

Here in Virginia, prices are up slightly as well - now sitting at $2.75.

But this could be a bargain. Some analysts say prices could hit the four dollars-per-gallon mark this summer. This coming just a few years after record prices at the pump during the summer of 2008.

The recent increase in price is thanks to a quick rise in oil prices, now nearing $87 a barrel.

That is the highest level in the past 18 months.

All this is coming in the midst of a rough economy - which could drive down demand if prices keep going up.

In the more foreseeable future, some analysts say prices will hit the three dollar mark in the coming weeks. Possibly by the end of this month.

Copyright 2010 WWBT NBC12. All rights reserved.