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Pump Prices in Virginia Are 35 Cents More Than in February

hand at gas pump

VIRGINIA BEACH, VA (March 15, 2021)— Gas prices continue to climb in Virginia since last month’s winter storm in Texas, jumping as much as ten cents since last week. Prices will continue to increase this week, especially following the Energy Information Administration’s (EIA) latest weekly reports showing a second week of major decline in gasoline stocks and a substantial increase in U.S. demand.

 

“On average, people in the Commonwealth are paying 35 cents more to fill-up compared to February,” said Holly Dalby, spokesperson for AAA Tidewater Virginia. “With increased demand and tighter gasoline supplies, we are looking at more expensive pump prices with little relief in the weeks ahead.”

As of March 15, 2021

Virginia

Hampton Roads

Richmond

Current

$2.75

$2.70

$2.75

Week Ago

$2.65

$2.61

$2.67

Month Ago

$2.40

$2.38

$2.44

Year Ago

$2.07

$2.02

$2.00

 

Amid tightening supply and increasing demand, the good news is that the price of crude, which accounts for more than half of the price at the pump, showed signs of stability on the week fluctuating between $64–$66/bbl. If crude sustains at this level, especially as refinery utilization increases, the jumps at the pump are likely not to be so substantial by April. 

 

At the close of Friday’s formal trading session, WTI decreased by 41 cents to settle at $65.61. Although the price of crude decreased on Friday, due to a stronger dollar, crude prices rose earlier in the week to $66/bbl with market optimism about crude demand recovery. Crude prices increased despite EIA’s latest weekly report revealing that crude inventories increased by 13.8 million bbl to 498.4 million bbl. For this week, crude prices are likely to continue moving higher if optimism grows.

 

As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 350,000 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.

CST 1016202-80 Copyright © Tidewater Automobile Association of Virginia, Incorporated. All Rights Reserved.
AAA Tidewater Virginia is a member club affiliated with the American Automobile Association (AAA) national federation and serves members in the Tidewater Virginia region (All Hampton Roads cities, including Norfolk, Chesapeake, Suffolk, Portsmouth, Virginia Beach, Hampton, Newport News, Williamsburg; Virginia's Eastern Shore; as well as the following counties: Greensville, Surry, Brunswick, Isle of Wight, Gloucester, Lancaster, Middlesex, Richmond County, Southampton, Sussex, Mecklenburg, James City County, York, Lunenburg, Essex, King & Queen, Mathews, Northumberland, and Westmoreland).