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Virginia gas prices highest since 2015

Posted at 3:05 PM, Apr 16, 2018
and last updated 2018-04-16 19:40:42-04

HAMPTON ROADS, Va. – The current gas average in Virginia is $2.53, which is the highest gas has been in the commonwealth since the summer of 2015.

According to AAA Tidewater, gas is up 19 cent more than last month and is at a 30 cent increase from last year at this time.

Gas in Hampton Roads is averaging at $2.52, with the average gas price nationally at $2.71. Motorist are already paying more than three bucks a gallon in six west coast states. Also nationally, gas has risen 18 cents since more than a month ago.

Experts believe that part of the reason for the recent gas price climb is because of the new concerns about tension in the Middle East. They also predict that gas prices could even climb higher after the weekend airstrikes performed by the United States and its allies France and the United Kingdom.

EIA data also shows that domestic crude production in the U.S. hit a new record high of 10.53 million b/d on in early April.

The increased output led crude storage levels to grow by 3.3 million bbl to 428.6 million bbl. With Baker Hughes, Inc. reporting that the U.S. added seven oil rigs last week – bringing the total to 815. The growth of crude production in the U.S. is likely to continue.