Motorists Get an Early Treat with Dropping Gas Prices

Gilmore Gas

VIRGINIA BEACH, Va. (October 28, 2019) – Gas prices continue to trickle down as Hallo’s Eve approaches. In Virginia, today’s gas price is $2.30, which is six cents less than last month and 28 cents less than last year. In Hampton Roads, gas prices are even lower with the current price at $2.24. The national gas price average dropped by four cents on the week to $2.60, despite a jump in gasoline demand and a draw in gasoline stocks.

“For motorists this is a treat ahead of Halloween and not a trick,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “Gas prices may even continue to drop into November.”

 Refinery maintenance across the country continues, though utilization rates have increased in the last week. This could mean further declines to the national average in the weeks ahead if demand drops.  At the close of Friday’s formal trading session on the NYMEX, WTI increased by 43 cents to settle at $56.66. Crude prices increased last week after EIA’s report revealed that total domestic crude inventories fell by 1.7 million bbl to 433.2 million bbl last week. Growth in crude exports, from 3.24 million b/d to 3.68 million b/d helped to push crude inventories lower. When compared to last year at this time, export rates are 1.5 million b/d higher. If total domestic crude inventories decrease again, crude prices could increase.

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.