VIRGINIA BEACH — The national average for a gallon of gas is within a penny of matching the 2022 low of $3.09 and will likely dip further in the coming days according to AAA.
Last year’s national low came on Dec. 23. Since last week, the national average has fallen by a dime to $3.10. AAA cited tepid demand and a low cost for oil, which is hovering around $70 per barrel, as the main reasons for the drop.
“AAA is forecasting that roughly 3 million Virginians will drive to their holiday destinations this year, and they will be greeted with the gift of falling gas prices,” said Ryan Adcock, AAA Tidewater public relations specialist. “With pump prices falling slowly each day, it is likely that the state average will continue this downward trend.”
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.47 million barrels per day to 8.86 million. Meanwhile, total domestic gasoline stocks increased slightly to 224 million barrels.
AAA noted that typically, higher demand would push pump prices higher, but lower oil prices have pushed prices lower, and if oil prices remain low, drivers can expect pump prices to do the same during the holiday season.
Thursday’s national average of $3.10 is 25 cents less than a month ago and 11 cents less than a year ago. Thursday’s state average is the lowest average Virginians have seen thus far this year, adding that last year, Virginia gas prices first dipped below $3 on Dec. 20.
Locally, AAA reported the gas price average for the Commonwealth decreased to $2.99 — nine cents lower than a week ago and 14 cents lower than a month ago. In Hampton Roads, prices decreased 10 cents to $2.94, which is nine cents lower than last month and two cents lower than a year ago.
