Virginia gas prices keep falling

Published 10:01 pm Tuesday, January 8, 2019

The demand for gasoline has hit a two-year low, and Virginia gas prices continue to decline to their lowest levels since 2016, AAA Tidewater Virginia announced on Monday.

The average price for a gallon of gas across Virginia was $2.03 on Monday, 21 cents less than last month and 27 cents cheaper than the same time last year, according to the press release.

Hampton Roads saw even better prices for motorists at an average $1.95 per gallon. That was 20 cents cheaper than last month and a 33-cent drop from last year. Richmond experienced similar gas prices at an average of $1.94. Nationwide, gas prices averaged $2.24, a steady drop for 12 weeks in a row, according to the press release.

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The Energy Information Administration data on Monday registered gasoline demand at 8.6 million barrels per day for the week ending on Dec. 28, the lowest level on record since February 2017. Demand was down nearly 900,000 barrels despite record motor vehicle travel for the holidays.

“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” Georjeane Blumling, spokeswoman for AAA Tidewater Virginia, stated in the press release. “This is good news for motorists filling up at the pump.” on Tuesday recorded regular gas prices at Suffolk pumps that ranged from $1.99 to as low as $1.84, a very slight drop compared to the drop from the $1.99 to $1.86 range that was recorded on Jan. 3.