Friday, March 1, 2024

AAA: Increases at the Pump Slow and More Relief Could Be On The Way

(WYDaily/ Courtesy of Unsplash)

VIRGINIA BEACH — The national average for a gallon of gas has continued its summer rise, but price increases have slowed and more relief could be on the way according to AAA.

The national average increased by 10 cents since last week to $3.83, primarily due to the price of oil, but oil prices have since softened it said.

“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” said Ryan Adcock, AAA Tidewater public relations specialist. “Coupled with tepid demand and declining oil prices, this may help take the steam out of the tight supply price jolts we’ve seen lately.”

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.94 million barrels per day to 8.84 million last week. Meanwhile, total domestic gasoline stocks increased by 1.5 million barrels to 219.1 million.

According to AAA, lower gas demand amid increasing supply will likely help to slow price increases in the days ahead. 

Friday’s national average of $3.83 is 31 cents more than a month ago and 30 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth increased to $3.66, 12 cents higher than a week ago and 36 cents higher than a month ago. In Hampton Roads, prices increased 15 cents to $3.72, 32 cents higher than last month and 17 cents lower than a year ago.

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