AAA: With gas prices in decline, Virginia drivers saving more at the pump

aaa gas pricesFor the 37.6 million Americans who hit the road this past Memorial Day weekend, the vast majority found savings at the pump compared to last year’s holiday.

Forty-two states and Washington, D.C. have gas price averages that are less expensive year-over-year, with Floridians (-31 cents) seeing the largest yearly change. In Virginia, gas prices are eight cents per gallon cheaper compared to a month ago and 20 cents less than this same time last year.

“Thanks to stable crude oil prices, gas prices are dipping down in much of the country including Virginia,” said Tammy Arnette, Senior Public Affairs Specialist for AAA. “Compared to gas prices in Virginia last year, motorists are saving any where between $3 to $7 per fill up.”

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 72 cents to settle at $58.63. Overall, crude prices saw a loss last week, following release of EIA’s weekly petroleum status report that showed total domestic crude inventories rose by 4.8 million bbl. At 476.8 million bbl, the current level is the highest since July 2017. Ample crude supplies and increased production, which hit a record high of 12.2 million b/d last week, has increased market expectations that supply tightening due to OPEC’s production reduction agreement and reduced crude exports from Iran and Venezuela may be overcome by increased export prowess as a result of the nation’s growing domestic crude supply. Market observers will await OPEC’s meeting on June 25 and 26 in Vienna, where the cartel will likely decide to extend the agreement it has in place with its partners for the remainder of 2019, to determine how much global crude supplies may tighten further.

Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.

AAA has a variety of resources to help motorists save on fuel:

 


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