Gas Prices Continue Gradual Climb, but Remain Significantly Lower Than Last Year

Gas Prices
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VIRGINIA BEACH, Va., (February 25, 2014) - Today’s national average price at the pump is $3.43 per gallon. This price is six cents more expensive than one week ago and 14 cents more than a month ago. Despite an average that has moved higher for 17 straight days – the longest streak since May of last year – and the largest one-month increase registered since August, the national average still reflects a substantial year-over-year discount and today’s price is the lowest for this date since 2011. The rising national average is mirrored at the state level, where pump prices are universally moving higher.

In Virginia, the average price for regular unleaded fuel is $3.24. This is four cents higher a week ago and seven cents higher than last month, but fortunately, still 46 cents lower than last year. The current Hampton Roads average on unleaded gas is $3.24 which is four cents higher than a week ago, three cents higher a month ago and 42 cents lower than a year ago. 

  Cold weather and limited demand across the country has helped to keep a lid on prices for motorists, even with crude oil prices near a multi-month high. However, as the weather warms and refineries begin the switchover to produce more expensive summer-blend gasoline, pump prices are likely to continue higher, especially if crude oil prices remain elevated.

From October 21 through February 7 West Texas Intermediate (WTI) crude oil prices spent just one day above $100 per barrel and traded as low as $91.80 on January 13.  On February 24, 2014 the NYMEX WTI settled up 62 cents at $102.82 per barrel, which begins the third consecutive week above the $100 threshold.

As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 325,000 members with travel, insurance, financial and automotive-related services. Since its founding AAA Tidewater Virginia has been a leader and advocate for the safety and security of all travelers.  For more information, visit AAA.com and follow us on Twitter at Twitter.com/AAATidewaterVA.