VIRGINIA BEACH — The national average for a gallon of gas dropped four cents since last week despite growing demand, however, the price of oil declined several dollars, contributing to lower pump prices according to AAA.
With Labor Day approaching, AAA warns that gas demand and volatile oil prices, particularly during an active hurricane season, could limit how much lower prices go.
“Although the national average did a U-turn this week, the road ahead could lead to higher prices,” said Ryan Adcock, AAA Tidewater public relations specialist. “Ongoing concerns regarding potential storm activity could hinder falling pump prices this fall.”
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.85 million barrels per day to 8.91 million last week. Meanwhile, total domestic gasoline stocks increased slightly from 216.2 million barrels to 217.6 million. Thus, although demand increased, growing stock levels contributed to pushing prices lower.
Thursday’s national average of $3.83 is 24 cents more than a month ago, but five cents less than a year ago.
Locally, the gas price average for the commonwealth decreased to $3.64, three cents lower than a week ago and 22 cents higher than a month ago. In Hampton Roads, prices decreased three cents to $3.67, 23 cents higher than last month and six cents higher than a year ago.
