VIRGINIA BEACH — Nationally, drivers are finding gas prices far lower than last year, however, prices in Hampton Roads tell a different tale due to increasing metro demand outweighing the low oil costs, causing a significant increase in pump prices, according to AAA.
The national average for a gallon of gas rose two cents since last week to $3.58, $1.43 less than a year ago. In Hampton Roads, prices increased 12 cents to $3.44.
“We may be in a bit of a demand lull nationally, but here in Hampton Roads demand is high heading into the July Fourth holiday,” said Ryan Adcock, AAA Tidewater public relations specialist. “Compared to last year, drivers are benefitting financially, with 20 gallons of gas costing nearly $30 less than last year.”
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 barrels a day to 9.19 million last week. Meanwhile, total domestic gasoline stocks increased by 2.1 million barrels to 220.9 million. Lower gas demand amid increasing supply has helped to limit pump price increases, and if demand remains tepid, pump prices will likely fluctuate moderately through next week.
Locally, the gas price average for the commonwealth increased landing at $3.35, five cents higher than a week ago and three cents higher than a month ago. In Hampton Roads, prices increased 12 cents to $3.44, which is 15 cents higher than last month and $1.53 lower than a year ago.