VIRGINIA BEACH — After making a brief weekend trip to $3.07, the national average for gas edged higher by one penny since last week to $3.10.
According to AAA, that was likely the result of low gas demand countered by slightly higher costs for oil. The result is a pump price stalemate.
“Like watching dogs play chess, not much is happening,” said Ryan Adcock, AAA spokesperson. “The national average for gas will likely maintain a glacial grind higher for the immediate future.”
According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 million barrels per day to 7.89 million last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million barrels to 253 million.
Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited, AAA said, adding if oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.
Thursday’s national average of $3.10 was two cents less than a month ago and 38 cents less than a year ago.
Locally, the gas price average for the Commonwealth increased to $2.98 — a penny higher than a week ago and two cents lower than a month ago. In Hampton Roads, prices increased one penny to $2.97, which is one penny lower than last month and 36 cents lower than a year ago.
