Good News Virginia! Gas Prices Continue to Drop

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VIRGINIA BEACH, VA (October 14, 2019) – Virginia continues to climb up in the ranks as one of the states with the lowest gas prices. Today’s price for regular unleaded gas in the Commonwealth is $2.31 which is 36 cents less than last year. In some parts of Virginia, gas prices are even lower. In Hampton Roads, prices sit at $2.25, 28 cents cheaper than last year.

 

Despite an unseasonal spike in demand, according to the Energy Information Admiration’s (EIA) latest data sets, gas prices are decreasing for the majority of motorists across the country as crude oil prices (WTI) remain under $54/bbl. Today, the national average gas price is $2.63, which is two cents less than last week and 26 cents cheaper than last year, but six-cents more expensive than last month. 

 

“We expect this trend to continue in Virginia, barring any major industry or geopolitical events,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “But the real savings we’re seeing is when prices are compared to this same time last year.”

 

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.15 to settle at $54.70. Crude prices increased last week after Iran announced that one of its oil tankers was struck, potentially by missiles, in the Red Sea on Friday. The incident adds to concerns that increased tension in the Middle East could lead to a disruption in global crude supply.

In related news, EIA reported that total domestic crude inventories grew by 2.9 million bbl to 425.6 million bbl last week. They now sit 15.6 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.

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