Gas Prices Continue to Drop As September Approaches

Gas Prices
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VIRGINIA BEACH, VA., (August 20, 2014) - With approximately one month remaining before the shift to the relatively less expensive winter blend (September 15), the national average price for regular unleaded gasoline continues to drift lower and currently sits at $3.45 per gallon. Today’s national average price is two cents less than one week ago, 13 cents less than one month ago, and nine cents less than one year ago. Today’s average of $3.45 is the lowest daily price since February and the lowest August price since 2010.

Virginia, the current average price for unleaded gasoline rests at $3.22, a three cent decrease from last week and 14 cents less than last year. Hampton Roads the current average for unleaded gasoline is $3.28 which is a four cent decrease from last week and a 14 cent drop from last year.

While much of the east coast is enjoying the lower prices, consumers in Hawaii continue to pay the nation’s highest price per gallon at the pump, registering a statewide average of $4.30 per gallon. Alaska ($4.08) and Oregon ($3.90) round out the top three most expensive markets. Drivers in South Carolina ($3.15) are paying the least per gallon, a savings of more than one dollar ($1.15) compared to motorists in Hawaii.

Month-over-month discounts are reflected in the average price per gallon in 47 states and Washington D.C. Of this total, the price in 34 states and Washington D.C is discounted by a dime or more with the largest declines in eastern states:  New Jersey  (-20 cents), West Virginia (-19 cents), Pennsylvania (-19 cents), Maryland (-18 cents) and Virginia (-17 cents). Drivers in 43 states and Washington D.C are paying less per gallon, based on a year-over-year price comparison. The largest year-over-year savings are found in Kansas (-21 cents), Rhode Island (-18 cents), Delaware (-18 cents), and New Jersey (-18 cents). On the other side of this trend, motorists in seven states are paying premiums at the pump versus this time last year.

Geopolitical tensions remain front page news as the situations in Russia, Ukraine and Iraq continue to make headlines. Unlike years past when global events would lead to sharp increases in oil prices, due to concerns of supply disruptions, these events have been largely dismissed as global oil prices continue to slide. This is largely due to the relative stability of global supply projections, attributed to the U.S. approaching its highest annual level of oil production since 1972 and Libya’s returning to previous production levels. The price of West Texas Intermediate (WTI) settled 94 cents lower at $96.41 per barrel at the close of formal trading today, which is slightly higher than the more than six-month low of $95.58 per barrel registered last Thursday.

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 or on Facebook at facebook.com/AAATidewaterVirginia