Pump Prices Bring Tricks and Treats

hand at gas pump

VIRGINIA BEACH, Va., (October 30, 2017) – In Virginia, gas prices are beginning to rise slightly as Halloween approaches. The current average price for gas in the Commonwealth is $2.26, which is one cent more than last week and 18 higher than last year. In parts of Virginia, such as Hampton Roads, gas prices are slightly lower with the current average at $2.21, but still four cents more than last week and 17 cents more than last year. At $2.47, today’s national gas price average is one cent more on the week. Gas prices are fluctuating across the country with 25 states paying more, 17 states paying less and nine states staying stable on the week for a gallon of regular gasoline. States in the Great Lakes and Central are experiencing the biggest increases.

“Depending on where in the country you are filling up your tank, gasoline prices are playing tricks on some motorists with large increases on the week and treating others to lower gas prices,” said Georjeane Blumling, AAA Tidewater spokesperson. “The price volatility can be attributed to a new trend that has emerged during October in the last few years, which is an unexpectedly steady demand for gasoline after the end of the summer driving season.”

At the close of Friday’s formal trading session on the NYMEX, WTI closed at $53.90/bbl, with a gain of $1.26 for the day. Oil prices may continue pushing higher this week, following the release of EIA’s latest report that showed exports of U.S. crude surpassed 1.9 million b/d for the second time in the last four weeks. The growth in exports has helped the price gain amid concerns that global supply is tightening as OPEC’s production reduction agreement has greater influence over the oil market. Additionally, total U.S. crude inventories rose by 900,000 bbl as inputs to refineries rose by 609,000 b/d. The refinery increases are likely due to production levels stabilizing above 16 million b/d after restarts of several Gulf Coast as a precaution ahead of Hurricane Nate's landfall earlier this month.

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