VIRGINIA BEACH, VA (December 23, 2019) – AAA projects 1.3 million traveling for the long holiday in Virginia this year. The majority of people traveling will be taking automobile, but that hasn’t had a large impact on gas prices. Gas prices have been steady since last month, with a slight increase of a penny. Currently, the price for an average gallon of gas in Virginia is $2.24, only a penny more from last week and a 21-cent difference from last year.
“The substantial number of motorists has caused gas averages to increase heading into the holiday week, but these jumps aren’t big and won’t last long or linger past the holiday season,” said Holly Dalby, director of public affairs for AAA Tidewater Virginia.
Today’s national average is $2.54, which is a penny less than last week and a nickel cheaper than last month. While the national gas price average continues to slowly edge cheaper, it is noticeably more expensive as compared to last year’s holidays - by nearly 20 cents. However, this isn’t deterring people from taking their holiday road trips and some states are seeing lower averages than last year.
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by 74 cents to settle at $60.44. Crude prices ended the week up slightly over the previous week amid increased optimism that trade tensions are continuing to decline between the U.S and China -- the world's two largest crude oil consumers. This hope has reduced market concerns that global crude demand will decrease next year, helping to raise price expectations for early 2020.
Crude prices also increased this week after EIA’s recent petroleum status report revealed that total domestic crude stocks decreased by 1.1 million bbl to 446.8 million bbl last week. Total domestic stocks are 5.4 million bbl higher than where they were at this time in 2018.
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.