Wednesday, September 27, 2023

AAA: Gas Prices Remain Stuck in Neutral

(File Photo)

VIRGINIA BEACH — The national average for a gallon of gas remained stuck at $3.53, identical to a week ago, the result of a decline in demand and the low cost of oil, according to AAA.

“Despite mild weather and a less volatile economic forecast, drivers are not hitting the road and raising gasoline demand to traditional seasonal levels,” said Ryan Adcock, AAA Tidewater public relations specialist. “It’s possible this is merely the lull before Memorial Day, but it could be a trend that lingers into summer. Stay tuned.”

According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 million barrels to 8.91 million last week. That drop reduced pressure on pump prices, AAA said. Meanwhile, total domestic gasoline stocks decreased by 1.4 million barrels to 218.3 million. Should demand continue to decrease, drivers could see pump prices follow suit, AAA added.

Thursday’s national average of $3.53 is 14 cents less than a month ago and $1.03 less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth decreased to $3.31, one cent lower than a week ago and 22 cents lower than a month ago. In Hampton Roads, prices increased one cent to $3.30, 26 cents lower than last month and $1.13 lower than a year ago.

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