VIRGINIA BEACH, VA (July 9, 2018) – Virginia’s gas prices ranks 9th in the least expensive average in the U.S., despite a slow uptick in the past week. Today’s average price for unleaded is $2.62 which is two cents more than last week, nine cents less than last month but still 59 cent last year. In the Commonwealth, gas prices remain cheaper than the national average, which is currently $2.87. Pump prices in the majority of states are seeing increases of as much as eight cents while only a dozen states saw prices drop from last Monday.
“Demand for gasoline this summer remains very strong week-over-week, driving gas prices higher alongside rising crude prices,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater Virginia.
At the close of Friday’s formal trading session on the NYMEX, WTI increased 86 cents to settle at $73.80. Crude prices trended lower last week following EIA’s report that showed U.S. crude oil inventories increased by a total of 1.3 million bbl last week. It was the first time in three weeks that the U.S. has seen a build in inventories, which typically sees drawdowns throughout the summer. The surprise build in total crude stocks gave market observers pause amid a slew of other factors influencing the oil market, including increasing geopolitical factors – in Iran, Libya, and Venezuela – potentially destabilizing global supply. Moving into this week, market observers will watch these factors to determine their impact on supply. If it appears that supply could be reduced amid high global crude demand, oil prices may increase.
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.