AAA reports gas prices continue to steadily drop in Hampton Roads

Posted at 4:28 PM, Jul 11, 2016
and last updated 2016-07-11 16:29:11-04

VIRGINIA BEACH, Va. – AAA Tidewater Virginia reports that gas prices continue to steadily drop in the seven cities.

Prices have dropped for 35 consecutive days during the summer travel season.

The current price of gas in the area is $2.00 which is down five cents from one week ago, down 19 cents from a month ago, and down 64 cents from this time last year.

Gas prices are estimated to continue to drop as both crude oil and wholesale gasoline prices turned lower last week.

According to AAA, the most recent Department of Energy report cited domestic gasoline production as just 100,000 barrels per day short of the all-time record, lending momentum to falling prices.

Global oil prices have also dropped thanks to indications of increased supply.