VIRGINIA BEACH, VA (October 1, 2018) – Virginia’s gas prices remain steady through September into October despite rising gas prices in other states. Currently, the average price for gas in the Commonwealth is $2.62, ranking 5th in the top ten least expensive gas prices in the U.S. In Hampton Roads, gas prices are averaging $2.59 for a gallon of gas which is the same price as last month, last week, and yesterday. However, the gas prices in Hampton Roads are still 28 cents more than last year.
Despite gasoline demand dropping to 9.0 million b/d and inventories growing to 235.7 million bbl, according to the latest Energy Information Administration (EIA) data, the national gas price average has increased three cents on the week to land at $2.88 – a pump price not seen at the national average since mid-July.
At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.13 to settle at $73.25. Crude prices rallied last week due to concerns around the impact of U.S.-imposed sanctions on Iran and economic collapse in Venezuela on global crude supply this fall. The increase in crude prices occurred despite crude oil inventories increasing to 396 million bbl last week after five consecutive weeks of decline, according to EIA’s report for the week ending on September 21. Domestic crude inventories are now roughly 75 million bbl lower than were they were at this time last year. The new crude data from EIA will likely leave the market searching for additional evidence of supply constraints, including this week’s EIA report, which could push crude prices even higher this fall.
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.