Tuesday, November 28, 2023

AAA: Like the Temperatures, Gas Prices Start to Rise

(File Photo)

VIRGINIA BEACH — The national average for a gallon of regular gasoline rose a nickel since last week to $3.48.

High demand for gasoline and rising oil prices were the driving factors, according to AAA.

“Oil prices finally crested and have now settled above the $70 per barrel mark after weeks of hovering just below it,” said Ryan Adcock, AAA Tidewater public relations specialist, “and gas demand is very robust. These two factors will cause drivers to see prices increase for now.” 

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.96 million barrels per day to 9.15 millionlast week, while total domestic gasoline stocks saw a substantial decreas by 2.9 million barrels to 226.7 million. The increased in demand amid tighter supply has contributed to pushing pump prices higher, it said, and should demand continue to rise, pump prices will likely follow suit.

Today’s national average of $3.48 is 13 cents more than a month ago, but 75 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth increased to $3.33, six cents higher than a week ago and 20 cents higher than a month ago. In Hampton Roads, prices increased eight cents to $3.37, which is 37 cents higher than last month and 74 cents lower than a year ago.

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