VIRGINIA BEACH, VA (December 2, 2019) – After a busy holiday weekend that saw 1.3 million Americans traveling on roadways in Virginia, there was little fluctuation with gas prices. The current price for a gallon of unleaded gas in the Commonwealth is $2.31 the same as last week, but a penny more from last month. In Hampton Roads, gas prices are even lower than the state average at $2.24. Nationally, the gas price average is one penny cheaper than last Monday at $2.58, and three cents less than last month, but 12 cents more expensive than last year at this time.
“Gasoline stocks have steadily increased the past few weeks as gasoline demand has started to slow,” said Katharine Beachboard, AAA spokesperson for AAA Tidewater Virginia. “This trend is creating cheaper gas prices for the majority of motorists.”
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.94 cents to settle at $55.14. Continued market fear that tension between China and the U.S. – the world’s two largest crude consumers – will reduce crude demand moving into next year helped push prices down. Additionally, domestic crude prices decreased after the U.S. hit a record high production level of 12.9 million b/d, according to EIA’s latest weekly petroleum status report. If tension between China and the U.S. persists this week, crude prices could slide further.
In related news, total domestic crude inventories increased by 1.6 million bbl last week, bringing the new total to 452 million bbl. The current level is 1.5 million bbl higher than last year’s level at this same time.
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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