VIRGINIA BEACH, VA (July 16, 2018) - Since July 4, drivers have seen gas prices increase across the nation. In Virginia, the current average gas price is $2.62, which is two cents more than last week, five cents less than last month and a 59 cent increase from last year. But, despite the slight uptick of gas prices, Virginia is still considered one of the least expensive states in the U.S. Since last Monday, some states are seeing nearly a dime jump, including Delaware, Florida and Michigan.
“July typically has a tendency to see gas prices trend cheaper. However with crude oil prices nearly $25 more a bbl compared to last year, instead we are seeing an upward pricing trend,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater Virginia. “If this trend continues, and if we see any supply disruptions, such as a hurricane, pump prices may see new three-year highs.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased 68 cents to settle at $71.01. Concerns surrounding tightening U.S. supplies are slightly elevated following EIA's news that total crude oil stocks recorded the largest decline (12.7 million bbl) since October 2016. Oil prices may continue riding high and contribute to increased pump prices throughout the summer and possibly into the fall, especially if demand remains robust amid high export levels.
The U.S. oil rig count remains unchanged from the previous week, according to Baker Hughes, Inc., keeping the total number of rigs to 863. When compared to last year’s count at this time, there are 98 more rigs.
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.