Virginia Beach, Va., (August 17, 2015) – While gas prices have begun to rise slightly in some states, Virginia is still experiencing a slow but steady decline. The current price for gas in Virginia is $2.35 which is four cents less than a week ago, 10 cents lower than last month, and 88 cents decrease from last year. In Hampton Roads, the current gas price is $2.38, a three cent drop from last week, a 24 cent decrease from last month and 92 cents less than last year. As of today, the price at the pump in Hampton Roads has dropped for 33 consecutive days starting on July 16th at $2.64. However, it is still possible that Hampton Roads will see a slight increase in gas prices as the summer comes to an end.
The national average price for regular unleaded gasoline ended a 27-day streak of daily declines last week and has since increased for six straight days. Today’s average price of $2.67 per gallon is an increase of eight cents per gallon versus one week ago, due largely to a new refinery problem in the Midwest. Despite recently rising prices, drivers are saving nine cents per gallon month-over-month and continue to enjoy significant yearly savings with today’s average discounted 79 cents per gallon versus this same date last year.
Market analysts continue to support the price of crude moving lower in the near term due to global oversupply. In addition, there are reports confirming the likelihood of sustained production from both OPEC and higher cost production countries like the United States. This has kept downward pressure on the price of crude, but the market is now responding to reports that the Japanese economy is shrinking. Both exports and consumer spending fell in Japan from April to June, which has been viewed as yet another signal that supply will likely outpace demand in the near term.
West Texas Intermediate opened the week trading at a six-year low due to this evidence of continued global crude oversupply and weakening economies. This comes on the heels of WTI closing out last week at $42.50 per barrel, up slightly on the day.
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