After weeks of decline, gas prices are on the rise – but they’re still not approaching 2014 highs, according to a recent AAA Tidewater report.
The average price for regular unleaded gas in Hampton Roads was $2.24 on Monday. That’s $1.28 cheaper than last year, but 7 cents higher than last week – when the average gas price for regular unleaded was $2.17.
Rising crude oil prices and unplanned refinery problems continue to affect the market.
Crude oil prices settled for a 2015 high of $56.71 on April 16, according to the report. Continued unrest in the Middle East, and a weakening U.S. dollar, are also contributing to higher gas prices.
If the problem isn’t addressed soon, analysts predict gas prices to continue to rise well into the summer months. That could have some negative implications on the national and regional economic recovery.
