Last week, demand peaked at 10 million barrels per day, according to a Monday release, a nearly 1 million barrel per day jump that only partially reflected the Independence Day holiday weekend travel.
“Peak summer driving season is upon us as Americans hit the road to explore and gas prices are not backing down,” AAA spokesperson Morgan Dean said. “Drivers are paying, on average, nearly a dollar more a gallon than last summer to fill up and close to 40 cents more than in 2019.”
In Virginia, AAA reported that the average price per gallon of self-serve regular gasoline is up from $1.99 at this time in 2020 to $2.94 in 2021. In Richmond, the average price per gallon went up by 1 cent from last week, sitting at $2.93, compared with $1.98 at this time in 2020.
According to a release, the price of crude oil, which fluctuated last week following Organization of the Petroleum Exporting Countries’ (OPEC) failure to reach an agreement on production increases, continues to be a dominant factor in determining how high prices will go this summer. AAA said that prices have the potential to increase this week, leading to drivers paying more at the pump.