VIRGINIA BEACH, Va., (July 8, 2014) - The national average price of gas has fallen for ten straight days, but remains the highest price for this calendar date since 2008.Yesterday, for the first time since June 11, the national average price for regular unleaded gasoline reflected a month-over-month discount. Today’s average is $3.65 per gallon. This price is two cents less than one week ago and fractions of a penny less than one month ago, but it remains 18 cents more than this date in 2013. In Virginia, the current average price for unleaded gasoline rests at $3.45, a three cent decrease from last week and 12 cents more than last year. Hampton Roads current average for unleaded gasoline is $3.54 which is a two cent decrease from last week and 19 cents higher than last year.
With Independence Day in the books, this year’s holiday registered the highest price since 2008 at $3.66. This surpassed the price per gallon for the holiday from each of the previous five
years: 2013 ($3.48); 2012 ($3.34); 2011 ($3.57); 2010 ($2.74); and 2009 ($2.62), but was still well below the all-time-high for the date of $4.10 in 2008.
Violence in Iraq continues to impact global oil prices, but as production in the south of the country remains unaffected, the fear of a disruption to supply has abated. Market watchers are keeping a close eye on the situation, but the risk premium that had pushed oil prices to 2014 highs has subsided in recent trading sessions. These elevated oil prices have meant stubbornly high pump prices for motorists, but as oil prices have eased retail gas prices have finally started to follow suit.
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
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