VIRGINIA BEACH — Despite another week of lackluster demand for gasoline, pump prices rose three cents since last Thursday to $3.58, according to AAA.
The primary culprit is a higher oil price, which has recently increased to the mid-$70s per barrel, the organization said.
“National gas demand barely budged from last week, yet compared to this time in 2022, it is higher nationwide except for the Gulf Coast, Texas, and New Mexico, “ said Ryan Adcock, AAA Tidewater public relations specialist. “Some industry experts speculate that scorching temps in that region are keeping people off the road.”
According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.76 million to 8.86 million barrels per day last week, while total domestic gasoline stocks fell from 219.5 million to 218.4 million barrels. AAA noted with supplies tight, if demand climbs, pump prices will follow suit.
Thursday’s national average of $3.58 is a penny more than a month ago, but 88 cents less than a year ago.
Since last Thursday, these 10 states have seen the largest increases in their averages:
- South Carolina (+15 cents)
- Utah (+10 cents)
- Tennessee (+7 cents)
- Virginia (+6 cents)
- Pennsylvania (+5 cents)
- Louisiana (+5 cents)
- Georgia (+5 cents)
- Alabama (+5 cents)
- Oklahoma (+5 cents)
- Indiana (+5 cents)
Locally, the gas price average for the Commonwealth increased to $3.41, six cents higher than a week ago and seven cents higher than a month ago. In Hampton Roads, prices increased two cents to $3.46, two cents higher than last month and 78 cents lower than a year ago.
