Virginia Beach, Va. – Area gas prices are declining after the largest increase of 2016, according to a study done by AAA.
AAA says average price for unleaded gas across the region is $1.56. The price is slightly higher than the February 25 low of $1.49, but still three cents cheaper than the statewide average . It’s also a 76 cent decrease compared to last year’s gas price.
Although area prices are decreasing, national charges are predicted to move higher due to annual spring turnaround activity, and drops in supply for select regional markets.
Gasoline refineries will undergo scheduled maintenance in preparation for the busy summer driving season
This year’s spring turnaround has created lower-than-expected charges, prompting many refineries to adjust their maintenance schedules and/or cut production . Refineries are reportedly beginning to reduce activity to prepare for the seasonal switch over to summer-blend gasoline.
Drivers should continue to benefit from savings at the pump going into summer due to lower prices in crude oil and abundant supplies.
