Pain Beyond The Pump

Article by Courtney Mabeus of Virginia Business

Record gas price impacts being felt across Va. industries

Ravi Patel watched as gas prices began their upward spiral and responded accordingly.

To help offset fuel surcharges for deliveries, Patel, CEO of Sina Hospitality, placed larger orders for the linens, toiletries and other dry good items that his employees need to stock the Richmond-area hotels his company operates. “Kind of like everybody’s stockpile during COVID,” Patel said Wednesday. “Same thing with us, you know — the gas prices are higher, we know they’re higher and so the right thing to do is to stockpile as much as we can.”

Gas prices continue to surge as Russia’s war with Ukraine results in mounting sanctions coupled with Tuesday’s ban on Russian oil imports announced by the Biden administration. The average price of regular unleaded gas in Virginia hit $4.18 per gallon Wednesday, topping the record set only a day earlier, when the cost increased to $4.10, according to AAA. While Virginia lags slightly behind the national per-gallon price of $4.25, prices in Northern Virginia were among the highest in the state, with Fairfax County hitting $4.31 Wednesday.

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