Sunday, April 14, 2024

AAA: Gas Prices Stay in the Slow Lane for Now

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

VIRGINIA BEACH — The national average for a gallon of gas has barely budged since last week, according to AAA, falling two cents to $3.07.

AAA said the primary reason appears to be rather humdrum numbers for the cost of oil and gasoline demand.

“The gas price average in Hampton Roads has stayed below the $3 mark for the past month,” said Ryan Adcock, AAA Tidewater spokesperson. “The mid-winter blahs will likely keep pump prices waffling a few cents up and down for the immediate future. But keep an eye on frigid temps because those can affect refinery production, pushing some regional pump prices higher.”

According to new data from the Energy Information Administration (EIA), gas demand increased from 7.95 million barrels per day to 8.33 million last week, while total domestic gasoline stocks increased significantly by 8 million barrels to 245 million. The uptick in demand has limited pump price drops, AAA said, causing the national average to stagnate, but if oil prices continue to drop, drivers could continue to see pump prices trickle lower.

Thursday’s national average of $3.07 is eight cents less than a month ago and 19 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth decreased to $2.92. Thursday’s price is four cents lower than a week ago and 11 cents lower than a month ago. In Hampton Roads, prices decreased four cents to $2.90, nine cents lower than last month and 24 cents lower than a year ago.

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