VIRGINIA BEACH, Va. — If you have found yourself saving some money recently, well then look toward the gas pump.
According to AAA, gas prices are at their lowest since 2016, with the average price of gas in the Commonwealth at $2.03, adding that motorists are paying 21 cents less than last month and 27 cents cheaper than last year (at this time in 2018).
Locally, AAA reported that Hampton Roads specifically is seeing less than $2 a gallon with the current price at $1.95. With these numbers, it puts gas prices at a 20 cent decline from last month and 33 cents less than last year (at this time in 2018).
“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” said Georjeane Blumling, spokesperson for AAA Tidewater Virginia. “This is good news for motorists filling up at the pump.“
Data from the Energy Information Administration (EIA) has registered gasoline demand at 8.6 million b/d for the week ending December 28 — reportedly the lowest level on record since February 2017. It comes after what was record motor vehicle travel during the 2018 holiday season. And with demand down nearly 900,000 bbl., the EIA believes its data suggests that gasoline demand over the winter could also be down.
At the close of Friday’s formal trading session on the NYMEX, WTI increased 87 cents to settle at $47.96. Oil prices were volatile last week, as market observers continue to believe that the global crude market is oversupplied.