Saturday, December 9, 2023

AAA: Gas Prices Slump Slightly as Summer’s End Approaches

(WYDaily/ Courtesy of Unsplash)

VIRGINIA BEACH — The national average for a gallon of gas dipped following the long Labor Day weekend, falling two cents since last week to $3.80, according to AAA, despite a recent uptick in the price of oil.

“Pump prices appear to be defying the odds at the moment, despite the surge in the cost of oil,” said Ryan Adcock, AAA Tidewater public relations specialist. “This uneasy balancing act may last until we get beyond hurricane season and its threats to Gulf Coast oil and gas production and refining.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 9.07 million barrels per day to 9.32 million last week. Meanwhile, total domestic gasoline stocks dropped from 217.4 million barrels to 214.7 million. Rising oil prices, higher gas demand, and tighter supply may push pump prices higher, AAA said.

Thursday’s national average of $3.80 is two cents less than a month ago but four cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth decreased to $3.57 — four cents lower than a week ago and ten cents lower than a month ago. In Hampton Roads, prices decreased seven cents to $3.55, which is 16 cents lower than last month and nine cents higher than a year ago.

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