VIRGINIA BEACH — Pump prices have maintained a steady march higher, rising eight cents since last week to $3.39, with more expensive oil as a likely culprit.
According to AAA, crude accounts for nearly 60% of pump prices. The cost for a barrel of oil is edging closer to $80, about 10 cents more per barrel than a few months ago.
“Spring is nearly here, with longer days, better weather, and more opportunities to hit the road,” said Ryan Adcock, AAA Tidewater spokesperson. “And we are seeing this reflected in rising gasoline demand. But remember, we see this trend every year.”
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.47 million barrels per day to 9.01 million last week. Meanwhile, total domestic gasoline stocks tightened by 4.5 million barrels to 239.7 million. Growing gas demand, amid tighter supply, has pushed pump prices higher, AAA said.
Thursday’s national average of $3.39 is 25 cents more than a month ago but two cents less than a year ago.
Locally, the gas price average for the commonwealth increased to $3.25. Thursday’s price was six cents higher than a week ago and 21 cents higher than a month ago. In Hampton Roads, AAA said prices increased a “staggering” 12 cents to $3.21, which is 16 cents higher than last month and 13 cents higher than a year ago.
