Saturday, April 20, 2024

AAA: Gas Prices Are Stuck in Neutral, But For How Long?

(File Photo/Dawn McDonald)

VIRGINIA BEACH — Despite an uptick in gas demand and rising oil prices, the national average for a gallon of gas has hovered around $3.82 for the past ten days.

AAA says that length for price stability is noteworthy.

“We appear to be at a fork in the road when it comes to which direction gas prices will take – up or down,” said Ryan Adcock, AAA Tidewater public relations specialist. “The summer heat that kept people home and suppressed refinery production has eased for now, so we have to look at the cost of oil to determine if the recent price climb is ending. More expensive oil will likely lead to higher prices, so stay tuned.”

According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.84 million barrels per day last week to 9.30 million. Meanwhile, total domestic gasoline stocks decreased from 219.1 million barrels to 216.4 million.

Higher demand, amid tighter supply, has helped to keep pump prices elevated. AAA warns if gas demand remains high, alongside increasing oil prices, drivers should brace for increases in pump prices.

Thursday’s national average of $3.82 is 28 cents more than a month ago but 19 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth increased to $3.66. This is one cent higher than a week ago and 31 cents higher than a month ago. In Hampton Roads, prices decreased two cents to $3.69, 23 cents higher than last month and eight cents lower than a year ago.

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