VIRGINIA BEACH, VA (April 2, 2018) – Since spring began in Virginia, gas prices have continued to rise. Currently, the Commonwealth is experiencing an 11 cent increase just inside of two weeks with today’s price at $2.47, which is 34 cents more than last year at this time. Hampton Roads average for a gallon of regular gas is $2.48, 13 cents more than two weeks ago and a 36 cent difference from last year. Now Virginia is not alone, with 49 other states seeing the same price increase as the market continues to purge winter-blend gasoline to make room for summer storage. At $2.66, the national gas price average is 5-cents more expensive on the week and 11-cents more expensive than two weeks ago.
“Today, only 38 percent of U.S. gas stations are selling gasoline for $2.50 or less and that percentage will likely dwindle in coming weeks,” said Georjeane Blumling, AAA spokesperson. “The holiday weekend, strong demand and preparation for summer gasoline are all factors that have driven and will continue to drive higher gas prices into early spring.”
In spite of price fluctuations, gasoline demand fell to 9.2 b/d according to the latest Energy Information Administration data – the lowest point for the month of March, but remains strong for this time of year.
The NYMEX was closed on Friday due to the holiday. On Thursday, WTI increased 56 cents to settle at $64.94. The increase was led by Baker Hughes active rig count report that revealed the U.S. dropped seven active rigs last week, bringing the total to 797. Moreover, domestic crude hit another top record for weekly production at 10.4 million b/d. If this week’s EIA report shows another inventory build, driven by record-setting oil production, prices may move lower as it may signal that global crude supplies may be on the rise again.
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.