VIRGINIA BEACH, VA (April 29, 2019) – One week after the U.S. State Department announced the end of waivers for countries to import oil from Iran, crude oil prices are on the increase and pump prices show no signs of slowing down. Across the U.S., gas prices averages have set a new high at $2.88. In just a month, gas prices in Virginia have increased by 19 cents. Today’s price for unleaded gas in the Commonwealth is $2.65, three cents higher than last year. Some areas in Virginia are even higher such as Hampton Roads at $2.66 which is six cents more than last week and a whopping 21-cent jump from last month.
“Compared to the beginning of this year, motorists have definitely felt an increasing squeeze on their wallets at the pump,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “These increases mean Americans are having to work more to afford to fill-up their gas tanks. AAA found that Americans must work 22% longer than at the start of the year to buy one gallon of unleaded gasoline- that’s 7.3 minutes compared to 5.76 minutes in January.”
Working with OPIS, AAA identified the median income for each county in the country broken down to an income by minute assuming a 40-hour workweek. The average gasoline price today was compared to the income per minute finding that counties in the Southeast have been hit the hardest, especially in some parts of Kentucky For example, in McCreary County, some workers are working an additional 4 minutes when compared to January in order to buy a gallon of gasoline.
At the close of Friday’s formal trading session on the NYMEX, WTI fell $1.91 to settle at $63.30. Crude prices dipped after Baker Hughes, Inc. revealed that the number of oilrigs in the U.S. fell significantly by 20, landing at 805 last week. Crude prices increased earlier in the week and could move higher due to concerns about restricted global supply this week, following the U.S. announcing that it would end the use of waivers for countries to import oil from Iran.
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.