Gas Prices Begin to Decline in Virginia Months later

VIRGINIA BEACH, VA (March 29, 2021)— Prices at the pump begin to drop in the Commonwealth, giving hope to motorists that the trend will continue. This would be the first-time prices have started to drop in months since the year 2021 began. At $2.73, Virginia’s average has decreased by three cents since last week. Other states have begun to see a drop in gas prices as well, dropping the national average two cents from $2.88 last week resting at $2.86 today.

“Growing stock levels and cheaper crude oil prices are putting downward pressure on pump prices for the majority of motorists,” said Holly Dalby, director of public affairs for AAA Tidewater Virginia. “These are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet.”

Demand is one factor influencing gas prices. If demand continues to increase, prices could follow. Gasoline stocks also saw a moderate increase with a build of 200,000 b/d. However, refinery utilization hit 82% indicating we could see a larger build in stocks this week, a factor that could help keep pump prices in check.

At the close of Friday’s formal trading session, WTI increased to settle at $60.97. Prices fluctuated throughout the week from a low of $57.76 to a high of $61.55 in reaction to world news, including concerns of new European Union lock downs and tight vaccination supplies throughout local economies.

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.