VIRGINA BEACH, Va., (March 23, 2015) – The average price for unleaded self-serve gas has been dropping for 13 consecutive days in Virginia. The Commonwealth’s average gas price for regular is currently $2.23 which is five cents more than last month but is still $1.11 less than last year at this time. Hampton Roads average price is staying even with the state at $2.23, which is two cents more than last month and $1.14 less than last year.
Today’s national average price for regular unleaded gasoline is $2.42 per gallon. Consumers are paying fractions of a penny less than one week ago, 14 cents more than one month ago and continue to save more than $1 dollar per gallon ($1.10) in comparison to this same date last year. The national average has now fallen for 13 of the past 16 days. The price of West Texas Intermediate crude oil reached a six-year low this past week, keeping downward pressure on the national price of gasoline. This downward pressure has, at least temporarily, offset potential price gains from robust demand, regional refinery maintenance and the seasonal transition to more expensive summer-blend gasoline.
Global crude prices continued to tumble with reports of growing supply and the strengthening U.S. dollar. The likelihood of a possible nuclear deal between the West and Iran also has the potential to bring more oil to the global market. Additionally, comments by Saudi Arabia’s oil minister yesterday indicated that the Organization of the Petroleum Exporting Countries (OPEC) would not cut oil production to increase global oil prices, instead electing to let the market self-correct.
The domestic oil market in the U.S is facing similar oversupply dynamics and concerns that rising U.S. production could outpace storage capacity is contributing to lower prices. WTI fell to its lowest level since the 2009 Great Recession this past week, although prices did recover some of those losses to end the week. At the close of Friday’s formal trading on the NYMEX, WTI settled up $1.76 at $45.72 per barrel.
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