Virginia Ranked As One of the Least Expensive Gas Prices Nationally

hand at gas pump

VIRGINIA BEACH, VA (April 15, 2019) – Prices at the pump continue to rise in Virginia up almost 25 cents from last month alone. However, despite the increase at the pump, Virginia is ranked 7th least expensive in gas prices nationally. Currently, the price for unleaded gas in the Commonwealth is $2.58, which is a six-cent increase from last week and a five-cent increase from last year.  

“We are seeing a rise in gas prices for this time of year across the state,” said Katharine Beachboard, AAA spokesperson. “Motorists are seeing prices increase as gasoline stocks decreased substantially amid summer-like demands for gas.”

At the close of Friday’s formal trading session on the NYMEX, WTI increased 31 cents to settle at $63.89. Oil prices increased last week, and will likely continue their ascent this week, as a weaker dollar helped to push crude prices up because of the increased number of dollars needed to purchase crude on the global market. Another contributing factor to the price jumps came from reports that there was a 534,000-b/d decline in crude production by OPEC members in March, led by Saudi Arabia cutting back by 324,000 b/d. The news underscores that OPEC and its partners are making reductions in service consistent with their 1.2 million b/d production reduction agreement, which is in place through June. OPEC has announced that it will not meet in April to discuss the pact; instead, it will meet on June 25 and 26 and may announce a decision to end or extend its agreement at that time.