Gas prices spike 11 cents in past week

It appears the pain at the pump is on its way back.

AAA Mid-Atlantic’s gas price tracking service shows the average price for a gallon of regular unleaded gasoline, spiked eleven cents in the past week in the Roanoke region.  A week ago Thursday we stood at $1.75 per gallon.  As of Thursday, March 26, 2009, the region stood at $1.86 per gallon.

Nationally, AAA found the average broke through the psychologically important barrier of $2.00, settling at $2.01 per gallon as of Thursday morning.  It’s the first time in nearly five months that the national average broke through $2.00 according to AAA.  That last time being before Thanksgiving.  Thursday’s price was eight cents higher than a week ago.

Virginia’s statewide average stands at $1.92 as of Thursday.  It increased only eight cents in the past week.

“The rebound in gasoline prices is disconcerting to motorists and consumers,” said Martha M. Meade, AAA Mid-Atlantic’s Manager of Public and Government Affairs, in a news release. “By fits and starts, gas prices have been treading higher since the beginning of February. Motorists could feel it each time they pulled up to the pump in recent weeks,” Meade added.

Meade cited the rise in the price of crude oil for the spike at the gas pump.  AAA says the price of a barrel of crude has increased 21% since the start of 2009.  This price spike flies in teh face of lower U.S. demand.  AAA says American petroleum demand is at its lowest level in six years.  Also, AAA cites the number of miles driven in the U.S. has dropping for 14 months in a row.  “Strangely, domestic production last month, during February, was at the highest level the industry has ever witnessed,“ the news release cited.

AAA pointed out that relative to last year, gas prices are much cheaper.  The news release cites the national average as being $1.25 less than where it stood in March of 2008, almost a 39% discount.  AAA adds that current prices for the national gas average have remained cheaper than their year-ago prices for 22 consecutive weeks.