VIRGINIA BEACH, VA, (October 7, 2019) – As the leaves begin to change color and fall is in the air, gas prices in Virginia steadily drop going into the week. Currently, the Commonwealth’s gas price is $2.33, which is the same from yesterday, but a three cent drop from last week and 35 cents less than last year. In Hampton Roads, prices at the pump are even lower at $2.26, a four-cent decrease from last week and 39 cents lower than last year.
The national gas price average continues to hold steady on the week at $2.65, which is nine cents more expensive than last month, but 26 cents cheaper than a year ago. Most motorists around the country are seeing prices decline or stabilize, with the majority of states seeing gas prices decrease by as much as a nickel since last Monday.
“All regions are seeing planned and unplanned refinery maintenance,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “On the whole, we are seeing gasoline demand mostly push lower amid stable, but healthy gasoline stock levels which are ultimately keeping prices cheaper for most motorists.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased by 36 cents to settle at $52.81. Crude prices ended lower last week after continued trade tensions between the U.S. and China worried market observers. Those fears grew last week after the World Trade Organization ruled that the U.S. could impose tariffs on goods from the European Union. Increased tariffs could reduce global crude demand, helping to push prices down even further while crude supplies continue to increase. Moving into this week, further trade tensions could reduce crude prices amid worries that global crude demand will decline.
In related news, in its latest weekly report, EIA’s data revealed that total domestic crude inventories grew by 3.1 million bbl. At 422.6 million bbl, crude stocks are 18.7 million bbl higher than where they were at this time last year.
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.