VIRGINIA BEACH, VA. (March 31, 2015) – With spring break just around the corner for many local schools, a break in gas prices is good news. “Motorists planning trips for spring break week will find themselves with a bit more money in their wallets,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater Virginia. Currently, the Hampton Roads gas price for regular unleaded is averaging $2.20 per gallon, which is a three cent drop from last week and $1.21 less than last year and eight cents lower than last month. Today’s national average price for regular unleaded gasoline is $2.42 per gallon. Consumers are paying two cents more than one month ago but fractions of a penny less than one week ago and $1.13 less than the same date last year. The national average has now fallen for 17 of the past 23 days.
The status of regional refineries continues to be a driving factor for gas prices in many parts of the country. However, while several weeks ago it was refineries going offline and driving prices higher in the mid-west and west coast, today it is those facilities resuming production that has driven prices lower in the same regions.
While prices over the past month are higher for many drivers, year-over-year price comparisons continue to highlight universal savings. Sharply lower oil prices have resulted in substantially less expensive gas prices in every state.
After briefly rising back above $50 per barrel last week, the price of West Texas Intermediate crude oil dropped back below that threshold to end last week. Crude prices have fallen to multi-year lows due largely to ample global production. The possibility of increased exports from Iran should a nuclear deal be reached this week would further increase production and has for now offset any “risk premium” stemming from regional stability due to violence in Yemen. A possible deal between the West and Iran could bring an estimated 500,000 barrels per day of additional oil to the global market, which would add more supply to an already well-supplied market and exert further downward pressure on crude prices.
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