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Friday, May 24, 2024

AAA: As the Leaves Fall, So Do Gas Prices

Gas pump with hand removing nozzle (WYDaily photo/Adobe)
(WYDaily photo/Adobe)

VIRGINIA BEACH — Despite global tensions causing ripples through the oil market, the national average for a gallon of gas maintained its autumnal dip, falling eight cents since last week to $3.56.

According to AAA, pump prices have lost 32 cents since their 2023 peak of $3.88 a month ago, meaning drivers are saving about $5 every time they fuel up.

“While gas prices are falling about a penny a day, that feels like a glacial pace,” said Ryan Adcock, AAA Tidewater public relations specialist. “The oil market is watching to see if the war between Israel and Hamas widens, so the price is stuck at a rather elevated price in the mid-$80s per barrel. This, in turn, is slowing the decline in gas prices.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.58 million to 8.94 million barrels per day last week. On the other hand, total domestic gasoline stocks decreased by 2.4 million to 223.3 million barrels. AAA noted although higher demand and tightening supply typically increase pump prices, flat oil prices have had the opposite effect, adding if oil prices remain steady or fall, drivers can expect further price drops at the pump in the weeks ahead.

Friday’s national average of $3.55 is 32 cents less than a month ago and 28 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth decreased to $3.35, is six cents lower than a week ago and 24 cents lower than a month ago. In Hampton Roads, prices decreased five cents to $3.27, which is 29 cents lower than last month and 28 cents higher than a year ago.

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