Virginia gas prices could reach record heights - NBC12 - WWBT - Richmond, VA News On Your Side

Virginia gas prices could reach record heights

RICHMOND, VA (WWBT) - The cost of gas in Virginia is just ten cents away from an all-time high and Virginians may see costs surpass the record soon, says AAA.

The average price of gas in the Commonwealth is $3.91 a gallon. That's just one penny below the national average. 

The all time-record high of $4.01 a gallon was set back in the summer of 2008. However, AAA says it's possible we could see prices hike anywhere between $4.05 and $4.25 this summer, Gas experts stopped short of predicting prices reaching $5.00 a gallon.

Gas in Virginia is already more than 30 cents higher this year than last year, which is not a good sign for many getting ready to hit the road for the holidays.

Virginia Petroleum President Michael O'Connor says Wall Street has something to do with the price increase.

"It just doesn't make any sense," said O'Connor. "It doesn't have anything to do with supply or demand. it really has to do with speculation. A lot of the wall street traders were using crude oil, not to take possession of the oil, but to bet on the price."

AAA says gas could climb over $4.00 a gallon this month, but Virginia Petroleum says gas prices could actually go down if the cost of crude oil continues to decline.

Copyright 2012 WWBT NBC12.  All rights reserved.

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