Gas prices stabilize as Hurricane Matthew eyes East Coast

Gas prices in Virginia have stabilized following gas prices hikes experienced in September due disruptions experienced on the Colonial Pipeline.

Today’s average price for a gallon of gasoline in the Commonwealth is $2.10 per gallon, unchanged compared to a week ago, eight cents higher than last month and six cents higher compared to the same day last year.

“Virginia gas prices have stabilized following gas price hikes experienced at the end of September,” said Tammy Arnette, Senior Public Affairs Specialist for AAA Mid-Atlantic.  “However, there is still a lot of uncertainty in the market as hurricane Matthew eyes the East Coast, continued refinery maintenance and OPEC’s recent production agreement.”

Nationally, gas prices have climbed higher as compared to the previous week, even though many states have switched over to winter blend gasoline and there remain abundant crude oil supplies. The national average price for regular unleaded gasoline moved higher each of the past seven days reaching today’s average of $2.23 per gallon.  Today’s average price is two cents more than one week ago and two cents more than one month ago. Despite the slight rise in pump prices, drivers continue to experience year-over-year savings with today’s average price about 6 cents per gallon less than the same date last year.

The national average has been relatively flat since September 3, and drivers in 21 states are paying less at the pump week-over-week. While national prices have been steady, pump prices in some regions have moved dramatically over this same period, largely due to disruptions on the Colonial Pipeline and refinery maintenance.

As recently as last week, gas prices jumped in the Midwest as a result of scheduled and unscheduled maintenance at BP’s Whiting refinery impacting supply in the region. Drivers may continue to see pump prices wobble higher or lower in the next few weeks as the market reacts to the OPEC production agreement, continued refinery maintenance and a possible hurricane along the East Coast.