VIRGINIA BEACH, VA (March 4, 2019) – While other states are experiencing an uptick in gas prices, motorists in Virginia are delighted to find themselves with gas prices much lower than the national average. At $2.20 per gallon of gas in the Commonwealth, Virginia is 23 cents less than the national average. Pump prices rose steadily across the country in February, a month that saw a number of refineries undergoing planned and unplanned maintenance, and an increase in crude oil prices. Today’s national average is $2.42, which is three-cents more expensive than last week, 17-cents more expensive than a month ago, but 10-cents cheaper than a year ago.
“Pump prices have been pushed higher this week due to reduced gasoline stock levels and increased demand,” said Georjeane Blumling, AAA Tidewater Virginia spokesperson. “Although Virginia is the 7th least expensive state for gas, motorists can expect gas prices to continue to increase as refineries gear up for spring gasoline production and maintenance season.”
At the close of Friday’s formal trading session on the NYMEX, WTI dropped $1.42 to settle at $55.80. Oil prices took a downward turn last week due to concerns that global crude demand may be lower than expected. Moving into this week, crude prices may rise on optimism that the United States and China are closer to a deal that resolves the ongoing trade spat between two of the world’s largest economies. Tightened global supply due to OPEC’s 1.2 million b/d production reduction agreement (which will be through June 2019) and decreased crude exports from Venezuela and Iran could also help prices increase.
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.