Virginia Gas Drops below $2 dollars, Will Hampton Roads Be Soon to Follow?

Gas Prices
empty fuel gauge

VIRGINIA BEACH, VA, (January 20, 2015) – Good news for consumers as the gas prices continue to slide with Virginia dropping below two dollars yesterday and continuing to drop to $1.98 today. This is five cents lower than last week, 34 cents lower than last month, and $1.21 cheaper than last year. If the trend continues Hampton Roads should see prices dip below the two dollar mark in the next day or two, with the present price for a gallon of gas being just shy at $2.01.

 

Gas Prices as of January 20, 2015, for a gallon of self-serve regular gasoline:

 

Price Today

Price Last Month

Price Last Year

National

$2.05

$2.43

$3.28

Virginia

$1.98

$2.32

$3.18

Hampton Roads

$2.01

$2.34

$3.22

“Cheaper gas prices are good news for the millions of Americans that depend on their car for work and play or where they need to go,” said Georjeane Blumling, Vice President of Public Relations for AAA Tidewater Virginia. “Lower gasoline prices should translate into billions of dollars in tangible household savings given that the vast majority of Americans rely on automobiles each day.”

The dramatic slide in retail gas prices has been driven by a similar plummet in global crude oil prices since the end of the summer. This decline in the price of oil has been a product of weak demand combined with abundant supply. Countries that rely heavily on oil revenues to fund government services may find themselves in situations where reductions to social programs are necessary, which could lead to civil unrest. Either of these dynamics has the potential to put upward pressure on prices.

As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 325,000 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/AAATWnews.