Sunday, April 14, 2024

AAA: Gas Prices Take it Slow

(WYDaily/ Courtesy of Unsplash)

VIRGINIA BEACH — The national average for a gallon of gas squeaked out a two-cent gain since last week to $3.09, according to AAA.

The organization cited wintery weather as a likely culprit, as it hampers refining operations and gasoline distribution, resulting in some frigid regions seeing pump price jumps.

“If June and July are when we typically see the highest gas prices, then December and January are when we see the lows. And this pattern is holding firm,” said Ryan Adcock, AAA spokesperson. “The national average for gas will probably maintain this slow shuffle higher for the next week or two.”

According to new data from the Energy Information Administration (EIA), gas demand took a slight step back from 8.33 million barrels per day to 8.27 million last week. Meanwhile, total domestic gasoline stocks increased by 3.1 million barrels to 248.1 million.

Fluctuating oil prices, alongside robust demand, have pushed pump prices up, according to AAA, but price gains have been capped due to rising stock levels. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead, it said.

Thursday’s national average of $3.09 is three cents more than a month ago but 26 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth increased to $2.97 — five cents higher than a week ago and one cent higher than a month ago. In Hampton Roads, prices increased six cents to $2.96, which is seven cents higher than last month and 26 cents lower than a year ago.

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