Virginia Ranked 7th Least Expensive Gas Prices

Gas Prices
gas pump upper horizontal

VIRGINIA BEACH, VA (March 6, 2017) – Today’s gas price in Virginia ranks in the top ten least expensive across the 50 states. Currently the average price for gas in Virginia is $2.11, one cent more than last month and 51 cents more than last year. In Hampton Roads, the price for gas is $2.04 with a two cent increase from last month and 47 cents more than last year.

Oil prices slipped fractions of a penny over the weekend, reaching today’s national average price for regular unleaded gasoline of $2.31 per gallon. Today’s price is still two cents more than one week ago, four cents more compared to one month ago and 50 cents more per gallon year-over-year. Retail prices continue to fluctuate but have remained between $2.28-2.32 for more than a month as reports of increased U.S. production continues to counter OPEC rebalancing efforts.

Today, markets opened posting crude oil losses pressured lower by an increasing U.S. rig count and questions about Russia’s ability to comply with OPEC cuts. Oil production in the U.S. continues to rise, and according to oil services company Baker Hughes, U.S. drillers added seven oil rigs last week, bringing the total rig count up to 609, the most since October 2015.

Globally, the Russian energy ministry released oil production data showing that their oil production has remained unchanged as compared to last month. This information has unsettled traders and many speculate whether or not Russia will thwart efforts by OPEC to rebalance global oil supply.  Traders will continue to watch how the market reacts to increased U.S. oil production and look for signs as to whether or not Russia implements production cuts. At the closing of Friday’s formal trading session on the NYMEX, WTI was up 72 cents to settle at $53.33 per barrel.

As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 330,000 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