PORTSMOUTH, Va. (WAVY) — Gas prices are always a hot topic, as there has long been debates over what causes them to fluctuate from week-to-week.
Right now, Hampton Roads is on a downward trend. According to Gas Buddy survey’s, average gasoline prices in Virginia Beach have fallen 9.2 cents per gallon in the last week, averaging $3.03 per gallon Monday.
While things like state taxes and what season we are in will impact the prices overall, when it comes to the weekly fluctuations, Gas Buddy’s Head of Petroleum Analysis, Patrick De Haan, said it’s very simple. It all depends on what is impacting production.
An example of impacts in production that we just saw recently was conflict in the Middle East.
“Looks like prices jumped up about 25 to 30 cents last week and now they are starting to decrease. De Haan said. “So, very much subject to what was happening in the Middle East.”
De Haan said typically, the second half of summer brings cheaper gas prices because refineries are finished with yearly maintenance. However, sometimes the second half of summer brings another impact on production.
“Hurricane season — hurricanes can lead to massive impacts on refineries,” De Haan said. “Many of the nation’s largest refineries, especially that serve the Virginia Beach area, are down in Texas or Louisiana. So if those areas are forced to shut down by a major hurricane, that can be very impactful. If we get lucky this year, if there aren’t major hurricanes, gas prices may continue to see lower prices as we get closer to Labor Day.”
For a list of gas prices in the area, click here.