As gas prices rise nationally, Virginia remains 9th least expensive

Posted at 9:16 PM, Apr 24, 2017
and last updated 2017-04-24 21:16:26-04

Gas prices are rising nationally but the prices in Virginia remain the 9th least expensive in the country.

The average price in the Commonwealth is $2.23 per gallon, according to AAA Tidewater Virginia.

Although Virginia remains on the lower price scale nationally, this average is 13 cents higher than prices in the Commonwealth last month and 27 cents higher than last year.

Hampton Roads prices fall along with the rest of the Commonwealth as they consistently land at $2.23.

Even with today’s gas prices the highest of the year, summer demand has not kicked in, meaning motorists can expect the price at the pump to continue to rise.

Based on recent American Petroleum Institute reports, U.S. gasoline deliveries in March were the second highest March deliveries ever recorded, AAA said.

At the close of trading last week, WTI crude oil futures fell $1.09 to settle just under $50 per barrel.

One of the leading reasons for the drop was skepticism about whether the Organization of the Petroleum Exporting Countries (OPEC) and other producers would extend their pledge to cut output by 1.8 million bbl by another six months.

In particular, the market is still unsure if Russia will agree to an extension deal beyond June 30, which could add dramatically to already bloated global inventories, according to AAA.