VIRGINIA BEACH, VA (August 12, 2019) – Prices at the pump continue to drop in Virginia as domestic gasoline stocks soar. Today’s price for unleaded gas is $2.42, which is a four cent drop from last week, seven cents less than last month and 20 cents lower than last year. In Hampton Roads, the average price for gas is $2.41, a four cent drop from last week, a six-cent difference from last month and 21 cents less than last year.
The national gas price average, $2.64, represents a seven-cent drop on the week as domestic gasoline stocks built by a surprising 4.4 million bbl, according to the Energy Information Administration’s (EIA) latest data. Contributing to the build was at least 1.2 million b/d of imports at U.S. ports. With the large bump, stocks now sit 235 million bbl – a U.S. stock level not seen in nearly five months (end of March).
“While gasoline demand increased week-over-week, it wasn’t enough to stay on pace with the huge jump in gasoline stocks. Therefore, pump prices continue to decline across the country,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia.
At the close of Friday’s formal trading session on the NYMEX, WTI increased by a $1.96 to settle at $54.50. Crude prices increased last week after reports emerged that OPEC is considering additional crude production cuts. In July, the cartel announced that it and its partners would extend the 1.2 million b/d crude production reduction agreement for an additional nine months. More details about the potential production cuts will likely be discussed at OPEC’s next meeting on December 5-6 in Vienna. Crude prices could increase this week amid further indications that global crude supply will tighten this fall.
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.