VIRGINIA BEACH — The national average for a gallon of gas fell three cents since last week to $3.39, with AAA citing the price of oil as the primary cause.
Oil prices fell into the mid $70s per barrel, nearly $5 cheaper than a week ago. it said.
“The cost for oil accounts for 55% of what we pay at the pump,” said Ryan Adcock, AAA Tidewater public relations specialist, “so higher or lower oil costs will play a major role in the price we pay when fueling up.”
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.27 million barrels per day to 8.91 million last week, while total domestic gasoline stocks decreased by 1.8 million barrels to 240.1 million.
Fluctuating oil prices contributed to pushing pump prices lower, but if gas demand keeps rising amid tightening domestic stocks, AAA warns drivers may see an end to future pump price drops.
Thursday’s national average of $3.39 is three cents less than a month ago and 14 cents less than a year ago.
Largest changes in gas price averages since last Thursday:
- Ohio (−9 cents)
- California (+7 cents)
- Iowa (−7 cents)
- Tennessee (−7 cents)
- New Jersey (−7 cents)
- Wisconsin (−7 cents)
- Oregon (+6 cents)
- Virginia (−6 cents)
- Rhode Island (−6 cents)
- Alabama (−6 cents)
The gas price average for the commonwealth decreased to $3.19, six cents lower than a week ago and 15 cents lower than a month ago. In Hampton Roads, prices decreased eight cents to $3.06, 21 cents lower than last month and 32 cents lower than a year ago.