VIRGINIA BEACH, VA (June 18, 2018) – Gas prices decrease across the Commonwealth, leaving motorists with a bit more money in their wallets. Today’s gas price in Virginia is $2.66, which is four cents less than last week as well as last month, but 58 cents more than last year. In Hampton Roads, gas prices are five cents less than last week and six cents less than last month with the current average $2.67.
On the week, the national gas price average is two cents cheaper at $2.90. Today’s national average is only one cent more expensive than a month ago, but 60 cents more than a year ago.
Nationwide, 44 states have less expensive or steady gas price averages compared to last Monday. However, the cheaper trend may be reversing. Gasoline demand spiked in the latest Energy Information Administration’s (EIA) report, in fact setting a new all-time record at 9.88 million b/d for the week ending June 8. As demand skyrockets, U.S. gasoline inventories plummeted 2.27 million bbl, to land total inventories at 237 million bbl, which is 5.7 million below stocks last year at this time.
“If demand continues to strengthen and inventories decrease in the weeks ahead, motorists can expect gas prices to reverse and start to increase again,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater. “AAA expects the national gas price average to range between $2.85 and $3.05 through Labor Day, likely seeing the summer’s highest prices in June.”
At the close of Friday’s formal trading session on the NYMEX, WTI decreased $1.83 cents to settle at $65.06. Oil prices trended marginally higher last week because of a stronger dollar. Looking ahead, this week’s prices will likely see fluctuation ahead of Friday’s OPEC meeting.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
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.
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