Friday, December 1, 2023

AAA: Which Way Is Up? Gas Prices Mostly Flat Week-Over-Week

(WYDaily/ Courtesy of Unsplash)

VIRGINIA BEACH — The national average for a gallon of gas posted a lackluster week, according to AAA, dipping a penny from the previous week to $3.42.

AAA cited slack demand for gas and waffling oil prices as the primary factors.

“The national average for pump prices dipped to $3.41 before creeping a bit higher over the past two days,” said Ryan Adcock, AAA Tidewater public relations specialist, “and this trend of small increases could persist into next week.”

According to data from the Energy Information Administration (EIA), demand dipped from 8.43 million barrels per day to 8.27 million last week, while domestic gasoline stocks increased by 2.3 million barrels to 241.9 million.

Should gas demand remain low, AAA expects drivers to see only moderate price increases amid growing total domestic stocks.

Thursday’s national average of $3.42 is 12 cents more than a month ago, but nine cents less than a year ago.

Localy, the gas price average for the commonwealth decreased to $3.25 — five cents lower than a week ago, but nine cents higher than a month ago. In Hampton Roads, prices decreased 10 cents to $3.14, which is two cents higher than last month and 24 cents lower than a year ago.

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