VIRGINIA BEACH, Va., (July 23, 2014) – Gas prices continue to fall across the Nation as well as here at home. The national average price for gas has fallen 26 consecutive days due to abundant refinery production; even as geopolitical tensions gain global attention. Nationally, the average price for regular unleaded gasoline is $3.56 per gallon, which is the lowest price since April 4. This is four cents cheaper than a week ago, 12 cents less than one month ago. In comparison to last year at this time, drivers are saving almost a dime per gallon at the pump. Today also marks the seventh consecutive day with gas prices cheaper than a year ago. This streak comes after 52 straight days of higher prices than the day last year.
Here in Hampton Roads, the current average for unleaded gasoline is $3.45, a five cent decrease from last week, 11 cents cheaper than last month and 13 cents less than last year. The last time in 2014 that prices were this low was on April 1st, over 100 days ago. Across Virginia’s the current average for unleaded gasoline is $3.37, a five cent decrease from last week, 11 cents less than last month, and a 13 cents drop from last year.
International news from Russia and Ukraine returned to the forefront this past week when Malaysian Airlines Flight 17 crashed in eastern Ukraine in an area controlled by pro-Russian separatists. Additionally, intensifying violence between Israeli and Hamas forces in Gaza has drawn headlines and concerns that the conflict could have a broader regional impact. Despite these issues, oil markets remain relatively unaffected because there has not been an impact to supply or distribution. Meanwhile, domestic refinery utilization reached its highest level of the year last week, which has helped to push gas prices lower.
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