VIRGINIA BEACH, VA (July 23, 2019) – Gas prices continue to be cheaper in Virginia than in most states. Virginia ranks in the top ten least expensive gas prices in the 50 states, despite a slight increase at pump this month. The average price for gas today is $2.52 which is a one cent decrease from last week, but a 12-cent increase from last month. Today’s average is over a dime more expensive than a month ago, but eight cents cheaper than a year ago.
“Gasoline stocks remain robust amid a recent dip in demand, which could be one reason we are seeing pump prices starting to roll back,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “It is too soon to know if this is a long-term trend, but it is certainly a welcome relief for motorists.”
For a third week, the Energy Information Administration (EIA) reports regional refinery utilization at 97% and a small build – 328,000 bbl – in gasoline stocks. Total stocks measure at 50 million bbl, which is about 2.2 million bbl below levels a year ago. This year-over-year deficit could be contributing to some of the fluctuation in pump prices across the region. However, the overall stock level is strong and keeping most fluctuation moderate.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by 33 cents to settle at $55.63. Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets. The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.2 million bpd due to a slowing global economy amid the continuing U.S.-China trade dispute.
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.