Hampton Roads Gas Prices Up Slightly but Still Lowest Since 2008

Gas Prices
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VIRGINIA BEACH, Va., (November 10, 2015) – Good news for the region, Hamptons Roads continues as one of the ten states with the least expensive average gas prices. Currently, gas price in Hampton Roads is averaging $1.99 which is 78 cents less than a year ago, four cents less than a month ago although prices have risen five cents since last week.  The seven cities haven’t experienced gas prices this low since November 10, 2008. This is great news for many Virginians looking to travel by automobile this Fall.

This year’s autumn refinery maintenance season continues to make headlines for its impact on regional markets. Refinery utilization is reportedly beginning to return to normal rates; however, select regional markets are still under pressure as a result of the sheer volume of planned maintenance combined with unplanned outages.

Both crude oil benchmarks, Brent and West Texas Intermediate, closed out this past week with three days of losses due to reports of a strengthening U.S. dollar, which further fueled expectations that the market’s current oversupply will continue in the near term. Market watchers are paying close attention to economic data from China and movements in the U.S. dollar, to get a sense of the overall market’s direction. OPEC’s Secretary recently issued comments touting the cartel’s success at sustaining its market share in light of a lower price environment and stated the expectation that the market will return to balance in the coming year. The cartel plans to convene on December 4 to discuss its strategy moving forward.

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