Pump Prices on the Rise Following Last Week’s Lows

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VIRGINIA BEACH, VA (July 10, 2017) - Virginia is beginning to experience slightly higher prices at the gas pump, but is still holding a lower price than last year. The Commonwealth remains in the top ten least expensive gas prices in the United States. The current average price for gas in Virginia is $2.03 which is 10 cents less than last month and two cents less than last year. In many parts of Virginia, the price for gas is holding at or near the $2.00 mark such as Hampton Roads with $2.01 and Richmond at $2.00.

For the first time in five weeks, the national average gas price is increasing. At $2.26, today’s price has been moving higher since July 6 and is three cents more than last week. The moderate price surge follows a week of solid demand growth and a third straight week of gasoline inventory drawdowns across the country.

“Gas prices are still low for the summer season, a welcome break for motorists,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater Virginia. “We expect to see slight price increases throughout July, so now’s the time to hit the road.”

Last week’s market losses continued into Monday morning, with West Texas Intermediate opening just below $44 per barrel. Last week’s EIA report showed encouraging trends for the market, revealing increased gasoline demand and a decrease in crude storage levels. For gasoline, the week ending on June 30 saw demand at 9.705 million b/d – representing a 167,000-b/d increase from the previous week. Crude oil storage levels were down by 6.3 million bbl. Typically, these figures would lead the market to believe that increasing gasoline demand is beginning to drain the glut of crude that has kept prices low for most of the year.

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