VIRGINIA BEACH, Va. (February 10, 2020) – Gas prices in Virginia have continued to drop closer to the average price from last year. The current price in the Commonwealth for unleaded gas is $2.22 which is five cents less than last week and a 17-cent decrease from last month. Gas prices may be 17 cents more expensive than last year, but that price gap has been shrinking steadily.
“Crude oil prices are at their cheapest point in a year,” said Holly Dalby, spokesperson for AAA Tidewater Virginia. “This is good news for motorists across the Commonwealth.”
Today’s national gas price average is $2.44. That is four cents cheaper than last week and 16 cents cheaper than last month. Motorists across the country can find gas for less than $2.25 at 1 in 3 (38%) of all gas stations.
At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 63 cents to settle at $50.32. Crude prices have dropped for the third consecutive week as market concerns continue to increase due to the growing impact of the coronavirus on global travel. If international travel decreases, global crude demand would likely follow suit and result in lower crude consumption worldwide. Prices could decrease again this week if concerns about the virus continue to weigh on the crude oil market.
Declining crude prices were contained slightly toward the end of last week after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) is considering deeper production cuts to offset demand concerns due to the coronavirus. OPEC and its partners are scheduled to meet in Vienna, Austria on March 5 and 6 to review their existing 1.7 million b/d production reduction agreement, but the cartel said that it may consider having the meeting sooner as the global public health crisis grows.
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.