VIRGINIA BEACH, VA (December 10, 2018) – Virginia has more to celebrate ahead of the holidays with gas prices at the lowest this year. Today’s average price for unleaded gas in the Commonwealth is $2.22, which is a five cent drop from last week, a 25 cent decrease from last month and five cents lower than last year. Hampton Roads is experiencing even lower gas prices with the current average at $2.14, five cents less than last week, 25 cents cheaper than last month and a nine cent drop from last year. Nationally, gas prices are dropping for many states with the national average price for gas at $2.42.
“Motorists are noticing a big difference as they fill-up at the gas pump this month,” said Georjeane Blumling, AAA Tidewater Virginia’s spokesperson. “Month-over-month, gas price averages have dropped double digits. In some areas in Virginia, gas prices are nearing $2 per gallon – something that hasn’t been seen since December 2017.”
How low can gas prices go? AAA expects the national gas price average to drop as low as $2.40 by the end of the year due to cheaper crude oil prices. However, pump prices this cheap may not last into 2019. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production by 1.2 million b/d for the first six months of the year. While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices. Crude was up to $52.61 at the market close on Friday, while the week prior, crude was as cheap as $50/bbl.
At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.12 to settle at $52.61. Oil prices rallied at the end of last week after OPEC announced that beginning in January 2019, the cartel – alongside non-OPEC members, including Russia – will reduce combined crude oil production by 1.2 million b/d.
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.