VIRGINIA BEACH, VA (January 21, 2020) – As the temperature outside drops so are the gas prices in Virginia since last week. Currently the average price for gas in Virginia is $2.35, two cents less than last week, but still 30 cents higher than last year. Hampton Roads is feeling a similar change in gas prices with the current price at $2.30 as of today. The national gas price average is $2.54, which is three cents cheaper than last week, a penny less than last month, yet 30-cents more than a year ago. Gas prices edged cheaper in the last week as gasoline stocks grew, measuring at 258 million bbl - a stock level not recorded by the Energy Information Administration (EIA) in nearly a year.
“Motorists across the country are paying less to fill-up as U.S. gasoline supply outpaces demand this winter,” said Holly Dalby, AAA spokesperson. “Typically, we see cheaper gas prices this time of year as motorists generally drive less.”
At the close of Friday’s formal trading session on the NYMEX, WTI increased by two cents to settle at $58.54. Crude prices fell last week after new data showed that China’s economy, the world’s second largest, grew by 6.1% in 2019. It is the country’s slowest expansion in 29 years. The slower-than-expected growth rate has increased market concerns that global crude demand may decline this year. If those concerns continue into this week, crude prices could decrease again.
In related news, EIA’s weekly report that showed total domestic crude inventories decreased by 2.5 million bbl. The current crude stock level, 428.5 million bbl, is 8.5 million bbl lower than the level at this same 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.