Virginia gas prices still among the lowest

Published 10:24 pm Tuesday, July 10, 2018


Despite a steady uptick in the past week, the average price for a gallon of gasoline across Virginia still ranks among the top 10 cheapest in the country, AAA Tidewater Virginia announced on Monday.

According to the press release, Virginia’s average price for an unleaded gallon on Monday was $2.62, which was ranked the ninth-cheapest in the U.S. ahead of 10th-ranked Kansas at $2.66 per gallon. It’s a slight increase compared to the $2.61 per gallon average that was recorded on June 25, which was ranked the eighth-cheapest in the U.S.

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The Monday average was two cents more than last week but still considerably cheaper than the national average, which was recorded to be $2.87 per gallon. Prices at the pumps in the majority of states are increasing as much as 8 cents per gallon, while only a dozen states saw prices drop when compared to the week prior, according to the press release.

Crude oil prices were lower last week after the Energy Information Administration’s report showed that U.S. inventories had increased by a total of 1.3 million barrels last week, the first time in three weeks that the country has seen a buildup in inventories that typically diminish throughout the summer, according to the press release.

Market observers this week will keep close eyes on factors influencing the oil market for any supply impacts. According to the press release, if it appears that there’s a high global demand reducing the supply of crude oil, then prices may increase.

“Demand for gasoline this summer remains very strong week-over-week, driving gas prices higher alongside rising crude prices,” Georjeane Blumling, vice president of public affairs for AAA Tidewater Virginia, stated in the press release. on Tuesday recorded regular gas prices at Suffolk pumps that ranged from $2.47 to as high as $2.69, which is nearly on par with the $2.49 to $2.69 per gallon range recorded on June 26.