VIRGINIA BEACH, VA (October 1, 2019) – Despite the attacks on major Saudi Arabian oil facilities two weeks ago, Virginia’s gas prices have been ranked 7th in least expensive for the week. Currently, the price for regular gas is $2.35, which is three cents lower than last week, a four-cent difference from last month and 28 cents less than last year. In Hampton Roads, gas prices are slightly cheaper at $2.29 per gallon of gas. This is three cents less than last week and a 31-cent decline from last year.
“Crude oil prices have dropped close to where they were right before the drone attacks on the Saudi oil facilities,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “This is helping to push gas prices down. Those in Virginia can expect this trend to continue.”
Today’s national gas price average of $2.65 which is the same price as last week, and is seven cents more expensive than last month, but 22-cents cheaper than a year ago.
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 50 cents to settle at $55.91. Oil prices were mostly mixed last week after EIA’s weekly report revealed that total domestic crude inventories grew by 2.4 million bbl, bringing the total 419.5 million bbl. The current level is 23.5 million bbl higher than where it was at this time last year. The higher level has kept prices in check as concerns that global crude demand may be impacted by the ongoing trade war between the U.S. and China.
Additionally, crude prices have also been shaken because of market concerns that global supply could be reduced due to escalating tension in the Middle East. If EIA’s report shows another crude inventory build, crude prices could end the week down. However, any escalation in the U.S.-China trade war or tensions in the Middle East could see them spike.
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.
# # #