VIRGINIA BEACH, VA (January 22, 2019) – Gas prices continue to be the lowest in Virginia since December 2016, despite the slight rise in prices at the pump. Currently, regions in the Commonwealth are still averaging just below $2 per gallon such as Hampton Roads at $1.99 and Richmond at $1.99. In Virginia, gas prices are 33 cents less than last year and an eight cent decrease from last month. Nationally, gas prices are currently $2.25 per gallon which is 29 cents less than last year. However, as crude oil prices continue to climb it does not look like pump prices will drop much lower than we’ve seen so far this year.
“Crude oil prices have increased since the beginning of the year, but over-supply of crude in the market and low demand have helped to keep the average relatively stable,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “Crude oil prices will be a dominant factor towards determining if motorists will see slightly cheaper or more expensive pump prices in coming weeks.”
On the week, state gas price averages fluctuated with a handful of southern and mid-western states seeing gas prices increase, though the majority of states saw averages decrease or hold flat. Today’s national gas price average is nine cents cheaper than a month ago and 29 cents less expensive than a year ago.
At the close of Friday’s formal trading session on the NYMEX, WTI increased $1.73 to settle at $53.80. Oil prices saw their third consecutive week of increases after the market responded positively to news that the U.S. and China are making progress in resolving their trade dispute. More indicators of economic progress could help buoy crude prices this week; however, increasing fear about slowed global economic growth throughout 2019 could suppress prices as market observers wonder if global crude demand will suffer. Additionally, OPEC released a list of specific production cuts from its members and other members of its global pact to cut global production by 1.2 million b/d for the first 6 months of 2019. The list has helped to bolster market confidence in seeing the global glut of crude decline, which will ultimately help to increase crude prices.
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