VIRGINIA BEACH, VA (August 13, 2018) – Virginia’s gas prices are holding steady over the last two weeks at $2.62, which is 47 cents higher than last year at this time. In Hampton Roads, gas prices are mirroring the state average at $2.62 per gallon of regular gas which is also a 47 cent increase from last year. The Energy Information Administration’s (EIA) latest reports detail a drop in consumer gasoline demand and a build in gasoline inventories. In fact, this was the first increase in inventories in six-weeks with a substantial addition of 3 million bbl.
“With prices staying flat, it suggests that gasoline supply and demand are in balance for the time being,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “That’s not to say that we could not see spikes in demand closer to Labor Day as motorists squeeze in those final summer road trips.”
On the week, other states are seeing pump price jumps as high as eight cents and drops as much as a dime. Today’s gas price average is one-cent less than last week, three-cents less than one month ago and 51-cents more than this time last year.
At the close of Friday’s formal trading session on the NYMEX, WTI increased 82 cents to settle at $67.63. Oil prices took a slight step back last week after EIA’s report showed a smaller-than-expected drawdown of crude inventories. Falling approximately 1.35 million bbl, total crude inventories now sit at 407.4 million bbl, which is roughly 68 million bbl lower than where they were this time last year. Lower crude stocks, amid high global crude demand, have helped to increase global crude prices this year over last. However, if total domestic crude inventories continue to disappoint the market this week, oil prices may slide further.
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.