Saturday, December 9, 2023

AAA: Time to Talk Turkey and Lower Gas Prices

AAA states that gas prices will continue to rise without any end in sight (File Photo/Dawn McDonald)

VIRGINIA BEACH — With Thanksgiving approaching, the national average for a gallon of gas is steadily declining according to AAA.

Since last week, pump prices have fallen six cents to $3.33, and since the price peak for 2023, the national average has either fallen or remained flat for 60 straight days.

“Drivers this Thanksgiving can expect cheaper gas prices,” said Ryan Adcock, AAA Tidewater public relations specialist. “Ten states now have sub $3 a gallon averages, and more will join soon. So savvy drivers will find savings on their way to a turkey dinner this year.”

According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.49 million barrels per day to 8.95 million last week. The EIA’s estimate for demand is unusually high for early November, but when the EIA releases monthly demand data in a few weeks, it could revise it lower, AAA said.

Meanwhile, total domestic gasoline stocks decreased by 1.5 million barrels to 215.7 million. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down, AAA explained, adding if gas demand and the cost of oil remain low, drivers can expect further pump price drops ahead of Thanksgiving.

Friday’s national average of $3.33 is 25 cents less than a month ago and 39 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth decreased to $3.13 — four cents lower than a week ago and 25 cents lower than a month ago. In Hampton Roads, prices increased one cent to $3.07, which is 22 cents lower than last month and 37 cents lower than a year ago.

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