VIRGINIA BEACH, Va. – With gas prices inching closer to $3.00 a gallon in some states, Virginia remains significantly lower than the national average, according to AAA Tidewater Virginia.
The current average price in Virginia is $2.61. This is 23 cents less than the national average, making the Commonwealth one of the least expensive states for gas, with a ranking of sixth in the bottom 10.
Volatility is the trend for July gas prices as the rate for crude oil rises and drops amid geopolitical concerns. In the U.S., the first half of the month saw pump prices increase from $2.85 to $2.89, while the second half is proving cheaper with the national gas price average down to $2.84 today. The national average has not been this low since early May.
“July gas prices have been on a roller coaster ride, but appear to be on a downward slope at the moment. If demand and supply stay consistent, prices have the potential to stabilize barring any major events – geopolitical or natural disasters,” said Georjeane Blumling, Vice President of Public Affairs for AAA Tidewater Virginia.
Moving into this week, analyst are continuing to keep an eye on the global supply restraints due to U.S.-imposed sanctions on Iran’s oil exports and ongoing d economic troubles in Venezuela, which could send crude production prices higher.