VIRGINIA BEACH, Va. – Gas prices continue to slowly rise in Virginia as Spring gets closer, now ranking 8th in largest weekly increases in gas prices.
The average price today is $2.29, which is a 24 cent increase from last month and only four cents less than last year.
In Hampton Roads, gas prices are slightly cheaper at $2.25 which is 27 cents more than last month and just two cents less than last year.
Gasoline stocks in the region decreased for a third consecutive week and if stocks continue to decline, you can expect gas prices to continue to increase for motorists in the region.
The national gas price average weekly and that of 26 states jumped a nickel or more and has been steadily increasing for the last three weeks.
During that time, gasoline stocks have gradually decreased while demand has increased and crude oil prices have been fluctuating. These factors are driving up gas prices across the country.
At the close of Friday’s formal trading session on the NYMEX, WTI dropped 59 cents to settle at $56.07. Oil prices fell at the end of last week following the release of lower-than-expected job growth datain the U.S. and continued concerns that a slowing global economy could bring weaker global crude demand later this year.
As of this week, the crude prices might rise as the global crude supply tightens due to OPEC’s 1.2 million b/d production reduction agreement in place through at least June 2019 and U.S-imposed crude export sanctions on Iran and Venezuela.