VIRGINIA BEACH, VA. (March 22, 2021)— After weeks of rising gas prices in the Commonwealth, gas prices have been steady for the last five days. Pump prices averaging $2.76, have not been this high since May of 2018 in Virginia. Today’s average is 22 cents higher than last month and 79 cents higher than last year.
“A dip in demand along with a simultaneous increase in supply and refinery utilization has contributed to slower movement in gas price increases,” said Holly Dalby, spokesperson for AAA Tidewater Virginia. “In the week ahead, motorists can expect fluctuation at the pump. However, large jumps are not likely for the majority of consumers.”
|
As of March 22, 2021 |
Virginia |
Hampton Roads |
Richmond |
|
Current |
$2.76 |
$2.71 |
$2.76 |
|
Week Ago |
$2.75 |
$2.71 |
$2.75 |
|
Month Ago |
$2.54 |
$2.55 |
$2.56 |
|
Year Ago |
$1.97 |
$1.95 |
$1.92 |
In its latest weekly reports, the Energy Information Administration (EIA) shows demand decreased from 8.7 million b/d to 8.4 million b/d indicating that Americans are slowly returning to the road, likely due to more schools opening and spring break. Further, supply increased from 231.6 million bbl to 232 million bbl. While still one of the lowest levels of 2021, the increase in supply is promising especially alongside increasing refinery utilization rates, which jumped from 69% to 76%. That is just 7 percentage points away from utilization levels before February’s Texas winter storm.
At the close of Friday’s formal trading session, WTI increased by $1.42 cents to settle at $61.42.
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.