VIRGINIA BEACH, VA (June 3, 2019) – Virginia’s gas prices dropping as summer draws closer, ranking 9th least expensive gas prices, nationally. The current average price for gas in the Commonwealth is $2.55, which is 19 cents less than last year, an 11 cent drop from last month and a two-cent decrease from last week. In Hampton Roads is slightly more with today’s price for gas at $2.56, three cents less than last week and a 21 cent drop from last year.
“Gas prices have been trending lower now for the past month and there are no signs of pump prices changing gears toward more expensive for the summer season,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia.
At the close of Friday’s formal trading session on the NYMEX, WTI fell by $3.09 to $53.50. Crude prices suffered a major loss last week, the largest in six months, after new trade tensions emerged between the U.S. and Mexico, a key U.S. trade partner and a major supplier of crude oil. Threats from the Trump Administration to increase tariffs on all products exported from Mexico to the U.S, including crude compound concerns about global economic growth, already at risk due to the U.S.-China trade war. That dispute has prompted market observers to worry about a recession, which could suppress global crude demand later this year. Moving into this week, growing global trade war fears will likely push crude prices down.
In related news, EIA reported that crude stocks were mostly flat on the week. Total domestic crude inventories are holding steady at 476.5 million bbl. Additionally, Baker Hughes, Inc. reported that the U.S. gained three oil rigs last week. There are currently 800 active rigs, which is 61 fewer rigs now than last year at this time.
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.