Monday, August 15, 2022

Gas prices drop, but are still much higher than summer 2017

There’s good news and there’s bad news for Virginia drivers.

The good news is gas was cheaper in Virginia on Monday than it was a week ago, according to a news release from AAA Tidewater Virginia. Among the 50 states, the average price of a gallon of gas in Virginia is ninth-cheapest at $2.70.

The bad news? The average price of a gallon of gas is nearly 60 cents higher than it was a year ago.

“Gas prices continue to dip across the commonwealth but remain more expensive than last summer,” said Georjeane Blumling, vice president of public affairs for AAA Tidewater Virginia. “This year’s higher prices seem to be influencing driving habits. While consumer gasoline demand remains strong, it is slowing and not growing.”

Gas prices dropped 4 cents over the last week in Virginia — and five cents in Hampton Roads. Hampton Roads’ average sits above the state average at $2.72.

South Carolina has the cheapest gas at $2.58 per gallon.

According to the news release, if gas inventories continue to grow, drivers could see lower prices at the pump. The United States is producing 1.5 million more barrels of oil per day than in June 2017.

However, prices are expected to remain volatile for the next week.

Global gas supply is shrinking, and turmoil in Venezuela is contributing to the problem. Additionally, OPEC will decide at its next meeting on June 22 whether or not to increase production.

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