Virginia’s Gas Prices Significantly Less Than U.S. Average

Gilmore Gas

VIRGINIA BEACH, VA (July 23, 2018) – With gas prices inching closer to $3.00 a gallon in some states, Virginia remains significantly lower than the national average. The current average price in Virginia is $2.61. This is 23 cents less than the national average, making the Commonwealth still one of the least expensive states for gas, with a ranking of 6th in the bottom ten. 

 

Volatility is the trend for July gas prices as the rate for crude oil rises and drops amid lingering geopolitical concerns. In the U.S., the first half of the month saw pump prices increase from $2.85 to $2.89, while the second half is proving cheaper with the national gas price average down to $2.84 today. The national average has not been this low since early May.

 

“July gas prices have been on a roller coaster ride, but appear to be on a downward slope at the moment. If demand and supply stay consistent, prices have the potential to stabilize barring any major events – geopolitical or natural disasters,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater Virginia.

 

Cheapest Gas Prices on July 23: 2017 vs. 2018

State

Price on July 23, 2017

Price July 23, 2018

Difference in Price

Virginia

$2.07

$2.61

+54 cents

South Carolina

$1.99

$2.54

+55 cents

Alabama

$2.00

$2.58

+54 cents

Mississippi

$2.02

$2.54

+52 cents

Arkansas

$2.04

$2.59

+54 cents

Louisiana

$2.08

$2.58

+50 cents

 

At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.00 to settle at $70.46. Oil prices trended higher at the end of last week following news from EIA on record-breaking crude production in the U.S. At 11 million b/d, total crude production in the U.S. hit its highest rate ever recorded since the EIA began reporting its data. Moving into this week, analyst are continuing to keep an eye on the global supply restraints due to U.S.-imposed sanctions on Iran’s oil exports and ongoing d economic troubles in Venezuela, which could send crude production prices higher.

 

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.