VIRGINIA BEACH, VA (March 5, 2018) – Gas prices remain steady across Virginia at $2.34 this week despite significate increases in other parts of the United States. While the current price per gallon of regular gas is holding at $2.28 in Hampton Roads, it is still 24 cents higher than last year. The Richmond market is also holding at $2.33 for the week.
At $2.53, the national gas prices average is one cent more than last Monday with 25 states seeing gas prices increases. That being said, today, 63% of motorists in the United States can fill up for $2.50/gallon or less.
“2018 has seen fluctuating crude oil prices, strong gasoline demand and new U.S. oil production records creating a volatile gas price market from month to month for consumers,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “Typically, March brings more expensive pricing as days get longer, weather gets warmer and refinery’s gear up to switchover to pricier summer blends.”
After losses throughout last week, WTI increased 26 cents to settle at $61.25 at the close of Friday’s formal trading session on the NYMEX, The losses earlier in the week came after EIA's petroleum report revealed that crude oil inventories grew by 3 million bbl last week. Moreover, crude runs at refineries inched up to 15.9 million b/d, marking slower than expected growth. At the same time, domestic crude production continues to boom at 10.3 million b/d, which could cause inventories to continue to increase. If they do, oil prices may take a further hit when EIA's weekly petroleum report week is released on Wednesday. Additionally, the U.S. gained an active oil rig last week, bringing the current total to 800.
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 Facebook at facebook.com/AAATidewaterVirginia.