Virginia gas prices still trend low

Published 9:02 pm Tuesday, July 31, 2018

The national average for gas prices rose by two cents on Monday to $2.86, but as the demand for gasoline increases throughout the U.S. and supply declines, Virginia continued to remain as one of the lower-priced states overall for drivers, according to a AAA Tidewater press release.

The average price for a gallon of gas in Virginia was $2.61 on Monday, the same as it was on July 24 and a shiny 25 cents less than the national average, according to the press release. Gas prices have remained steady in Virginia throughout the month of July, despite higher prices in surrounding states.

While Monday’s gas price average was one cent less compared to last month, it was still 52 cents more than a year ago. According to the press release, crude oil prices are also up $20 per barrel compared to the same time last year.

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Oil prices were higher after the release of the Energy Information Administration’s weekly report that detailed how total crude oil inventories fell by 6.2 million barrels and face a year-over-year deficit of 80 million barrels. The tightened domestic supply of crude oil and strong global demand for gasoline will likely continue into the near future with more expense crude oil prices.

“Virginia could see gas prices begin to rise as crude and gasoline inventories tighten,” Georjeane Blumling, vice president of public affairs for AAA Tidewater Virginia, stated in the press release. But while pump prices have increased by a penny in Virginia, “some states are seeing an 11-cent uptick in gas prices.” on Tuesday recorded regular gas prices at Suffolk pumps that ranged from as low as $2.48 to as high as $2.69 per gallon, which is a wider range compared to the $2.52-to-$2.65 range recorded on July 24.

The average price per gallon in Suffolk has not eclipsed $2.70 since June 11.