Virginia Gas Prices Continue Steady Downswing Despite Lower Demand

Gas Prices
Gilmore Gas

VIRGINIA BEACH, VA (February 6, 2017) – Virginia’s average price for gasoline continues to drop and the trend is evident in Hampton Roads as well.  The current average price for gas in Hampton Roads is $2.11 which is three cents lower than last week and eleven cents lower than last month.  While the short term prices are still on a slide it is still 53 cents more than last year. Virginia average is close to Hampton Roads and currently at $2.12 which is three cents cheaper than last week, 11 cents less than last month but still 49 cents more than last year.

The national average price of regular unleaded gasoline remained relatively stable over the past week, settling at today’s price of $2.27 per gallon. Although today’s average remains flat compared to one week ago, drivers are paying ten cents less per gallon month-over-month, and 52 cents more per gallon year-over-year. Pump prices have been pressured higher overall due to cuts in oil production globally, but increased U.S. production and low demand has led to a leveling out of prices over the last couple of weeks. The U.S. Energy Information Administration’s (EIA) latest weekly estimates of U.S. gasoline demand show that January 2017 figures are down 6 percent from January 2016 and are at their lowest standing for the first month of the year since 2012.

Markets opened Monday morning with slightly higher oil prices following new U.S. sanctions imposed on Iran after its missile tests. Worries that tensions between the U.S. and Iran could impact crude oil supplies have been tempered by increasing U.S. oil production. Baker Hughes, an oil field services company, reported that U.S. energy companies added 17 oil rigs the week of February 3, bringing the total U.S. rig count to 583. The potential for more U.S. oil production has kept a ceiling on oil prices and diminished the impact of efforts by OPEC and non-OPEC countries to cut production and rebalance global oil supply. Traders will keep an eye of U.S.-Iran relations and any further gains in U.S. oil production. At the closing of Friday’s formal trading session on the NYMEX, WTI was up 29 cents to settle at $53.83 per barrel.

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