VIRGINIA BEACH, VA (August 5, 2019) –Gas prices continue to trickled lower as summer winds down for many states, including Virginia. The current average price for unleaded gas in the Commonwealth is $.2.46, which is two cents less than last week and 17 cents less than last year. This brings in some good news for motorists looking to take one more road trip before school begins. In some areas in Virginia such as Hampton Roads, gas prices are even lower at $2.45, two cents less than last week and 19 cents less than last year. Prices are cheaper as demand saw a small dip on the week, even though overall demand remains robust for the summer.
“While gas prices continue to drop, the rate at which they are decreasing has slowed,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “On the week, most states saw cheaper pump prices of only a few pennies and motorists can expect this trend to continue into early August.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.71 to settle at $55.66. Crude prices mostly decreased last week after President Trump announced new tariffs on imports from China, furthering a trade war between the world’s two largest economies and oil consumers. Market observers are concerned that increasing tariff costs will likely reduce global demand for crude oil. If the trade tensions between the countries continue to increase this week, crude prices will likely decline further.
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.