Good News - Gas Price Drop Makes Virginia 10th Least Expensive

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VIRGINIA BEACH, VA (May 13, 2019) – Virginia made it into the top ten least expensive gas prices, nationally. This is good news for Virginians at a time where there seemed no end to the rising gas prices. Today the average price for price in the Commonwealth is $2.61, which is 3 cents less than last week and six cents less than last year. In Hampton Roads, prices at the pump are slightly higher than the state average at $2.62, but three cents lower than last week and eight cents less than last year.

 

Gas prices are declining slowly but steadily across the country, pushing the national average down three cents on the week to $2.86. Today’s average is four cents cheaper than last month and the same price as one year ago. In fact, 25 states have gas price averages that are just a nickel or less expensive than this time last year.

 

Gas prices are decreasing despite the Energy Information Administration’s (EIA) latest reports which show an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out.

 

“This is the first time in three months gas prices have shown consistent signs of declining,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “However, there are many factors that could quickly push up prices in the coming weeks, including the impact of Chinese tariffs, weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel.  Pump price movements this week will indicate if motorists will continue to see cheaper gas prices or if this was just a one-week fad.”

 

At the close of Friday’s formal trading session on the NYMEX, WTI decreased four cents to settle at $61.66. On the week, crude prices have moved lower because of global concerns around trade negotiations between the U.S. and China. This plus reports that two Saudi oil tankers were attacked in the Strait of Hormuz are likely to keep prices volatile this week.

 

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.