VIRGINIA BEACH, VA (March 12, 2019) – As spring draws closer, gas prices continue to slowly rise in the Commonwealth, now ranking 8th in largest weekly increases in gas prices. Today’s price is $2.29, which is a 24 cent increase from last month and only four cents less than last year. In Hampton Roads, gas prices are slightly cheaper at $2.25 which is 27 cents more than last month and just two cents less than last year. Gasoline stocks in the region decreased for a third consecutive week. If stocks continue to decline, gas prices can be expected to continue to increase for motorists in the region.
On the week, the national gas price average and that of 26 states jumped a nickel or more. The national gas price average has been steadily increasing for the last three weeks. During that time, gasoline stocks have gradually decreased while demand has started to increase and crude oil prices have been fluctuating. Combined, these factors are driving up gas prices across the country.
At the close of Friday’s formal trading session on the NYMEX, WTI dropped 59 cents to settle at $56.07. Oil prices fell at the end of last week following the release of lower-than-expected job growth data in the U.S. and continued concerns that a slowing global economy could bring weaker global crude demand later this year. Moving into this week, crude prices may rise as the global crude supply tightens due to OPEC’s 1.2 million b/d production reduction agreement in place through at least June 2019 and U.S-imposed crude export sanctions on Iran and Venezuela.
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.