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Friday, May 24, 2024

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

(WYDaily/File photo)
(WYDaily/File photo)

VIRGINIA BEACH — The national average for a gallon of gas rose by a nickel since last week to $3.85.

According to AAA, the primary culprit is a surge in oil costs, which have jumped several dollars to hover around $90 per barrel.

“Oil costs are putting upward pressure on pump prices, but the rise is tempered by much lower demand,” said Holly Dalby, AAA Tidewater director of public affairs. “The slide in people fueling up is typical, with schools back in session, the days getting shorter, and the weather less pleasant. But the usual decline in pump prices is being stymied for now by these high oil costs.”

According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.32 million barrels per day to 8.31 million last week. Total domestic gasoline stocks jumped from 214.7 million barrels to 220.3 million, but although gas demand has dropped amid increasing stocks, elevated oil prices have pushed pump prices higher.

Thursday’s national average of $3.85 is the same as a month ago but 15 cents more than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth increased a penny to $3.38 this week — eight cents lower than a month ago, but thirteen cents higher than last year. In Hampton Roads, prices rose two cents to $3.57 — eleven cents lower than last month, and 21 cents higher than a year ago.

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