VIRGINIA BEACH, Va., (August 8, 2016) – In the Commonwealth, gas prices continue to steadily drop. Virginia now ranks 6th of the least expensive gas prices in the 50 states. As of today, the average price for gas in Virginia is $1.91 which is 16 cents less than a month ago and 49 cents cheaper than last year. In addition, Hampton Roads is experiencing even lower gas prices with the current price at $1.86, making the price 7 cents lower than last month and 57 cents less than last year.
Abundant supplies of gasoline have contributed to starkly lower gas prices across the country during this summer driving season. However, the U.S. Department of Energy last week reported the largest gasoline supply decline since April (3.3 million barrels), which was enough to at least temporarily reverse the lengthy slide in pump prices over the past several days.
With gasoline supplies high and oil prices low, pump prices are likely to remain relatively cheap through the remainder of the summer and into the fall. This comes even as U.S. drivers are on track to shatter the all-time record for total miles driven in a year. At the close of Friday’s formal trading session on the NYMEX WTI was down 13 cents to settle at $41.80 per barrel. It is even possible that the national average price of gas may dip below $2.00 per gallon after the summer driving season ends and refineries switch over to less expensive winter-blend gasoline on September 15.
As part of North America’s largest motoring and leisure travel organization, AAA Tidewater Virginia provides its more than 330,000 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 on Facebook at facebook.com/AAATidewaterVirginia