Saturday, April 20, 2024

AAA: Gas Prices Make a Pit Stop

(File Photo/Dawn McDonald)

VIRGINIA BEACH — After spiking more than a dime two weeks ago, the national average for a gallon of gas had a calm week by remaining at $3.27.

News that the large BP-Whiting refinery in Indiana, offline since early February due to power issues, is reopening soon may have contributed to easing pump prices, according to AAA. The refinery processes nearly 440,000 barrels of crude daily, and the shutdown caused gasoline prices throughout the Midwest to rise.

“Old man winter is shuffling toward the exit, and with milder weather and longer days looming, the seasonal rise in gas prices is primed to begin,” said Ryan Adcock, AAA Tidewater spokesperson. “But it will probably be a slow, wobbly start to rising prices.”

According to new data from the Energy Information Administration (EIA), gas demand mostly remained flat at 8.2 million barrels per day last week. Total domestic gasoline stocks declined slightly by 300,000 barrels to 247 million. Flat demand, amid falling supply, has helped to stabilize the national average this week, according to AAA.

Thursday’s national average of $3.27 is 20 cents more than a month ago but 12 cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth decreased to $3.21, two cents lower than a week ago and 25 cents higher than a month ago. In Hampton Roads, prices decreased three cents to $3.14, which is 19 cents higher than last month and seven cents higher than a year ago.

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