VIRGINIA BEACH — The decline in pump prices accelerated a bit since last week, with the national average falling seven cents to $3.76, according to AAA.
The organization said slack demand and the falling cost of oil combined to shave more than $10 off per barrel, with the current price hovering near $82.
“Drivers are finally seeing some relief at the pump as the seasonal swoon picks up momentum,” said Ryan Adcock, AAA Tidewater public relations specialist. “At least one state has locations selling gas below $3 a gallon, and we should begin to see more states join in over the next few weeks.”
According to new data from the Energy Information Administration (EIA), gas demand dropped significantly from 8.62 million barrels to 8.01 million last week. Meanwhile, total domestic gasoline stocks increased substantially by 6.5 million barrels to 227 million. Growing supply, amid low demand, has pushed pump prices down. If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.
Thursday’s national average of $3.76 is five cents less than a month ago and seven cents less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $3.50 — five cents lower than a week ago and eight cents lower than a month ago. In Hampton Roads, prices decreased six cents to $3.42, which is 15 cents lower than last month and 18 cents higher than a year ago.
