VIRGINIA BEACH, VA, (July 29, 2014) - Amid continuing geopolitical tensions in Eastern Europe, the Middle East and Northern Africa, American motorists are paying the lowest average retail price at the pump since March 17. This is due to U.S. refineries running near their highest rates since 2005, according to the Energy Information Administration, and domestic demand that was reported last week to have dropped back below nine million barrels per day.
The national average price for unleaded gasoline has dropped every day in July and has fallen on 32 consecutive days, which is just short of the multi-year record of 36 straight daily declines registered last fall. Today’s average of $3.52 per gallon is five cents less than one week ago, 16 cents less than one month ago and 11 cents less than the same date last year. Both the weekly and monthly declines are the largest registered drops since November.
Over the last week consumers in Virginia have seen the price at the pump continue to fall. Current prices across the Commonwealth reached $3.33 while in Hampton Roads the unleaded regular gas has dropped to $3.41. Drivers in nearly every state across the country continue to experience month-over-month and year-over-year savings at the pump.
The global oil market continues to closely monitor the situation abroad, including tensions between Ukraine and Russia, Hamas and Israel, and production issues in Libya due to civil unrest. These events have yet to impact global supply, but have been cited by analysts as factors keeping a “floor” under crude oil prices and may limit how far U.S. pump prices can fall.
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