Winter Pump Prices Drop in Virginia as Gas Stocks Rise

Gilmore Gas

VIRGINIA BEACH, VA (January 27, 2020) – Good news for motorists! Gas prices in Virginia show a slight decrease this week. Today’s price for unleaded gas is $2.32, which is three cents less than last week and a penny less than a month ago. In Hampton Roads, gas prices have been slightly cheaper at $2.28 per gallon of gas. The national gas price average is $2.51, which is three cents cheaper than last week, four cents less than last month, and 25 cents more than a year ago. Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million bbl – the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.

 

“Increased total domestic stocks of gasoline have helped to ease pump prices,” said Holly Dalby, director of public affairs for AAA Tidewater Virginia. “Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response.”

 

At the close of Friday’s formal trading session on the NYMEX, WTI dropped by $1.40 to settle at $54.19. Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further.

 

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.