Saturday, April 13, 2024

AAA: Don’t Get April Fooled by Wobbling Gas Prices

Photo by Dawn McDonald on Unsplash

VIRGINIA BEACH — After an early spring surge, the national average for a gallon of gas spent the past week drifting up and down by a fraction of a cent before settling a penny higher at $3.53.

But AAA cautions the break may be temporary, as gas pump prices will likely resume a spring increase.

“Uncertainty of the impact of Ukraine’s targeting of Russia’s oil infrastructure likely spiked oil prices recently,” said Ryan Adcock, AAA spokesperson. “But those concerns have abated somewhat for now, and gas prices are settling into a pattern similar to last year when the usual seasonal increase was slow and steady.”

According to new data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.81 million barrels per day to 8.72 million week. Meanwhile, total domestic gasoline stocks increased by 1.3 million barrels to 232.1 million. Lower demand would typically contribute to pushing pump prices lower or slowing increases, AAA said, but rising oil prices have kept them elevated instead.

Today’s national average of $3.53 is 24 cents more than a month ago and 10 cents more than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth increased to $3.44. Thursday’s price was five cents higher than a week ago and 25 cents higher than a month ago. In Hampton Roads, prices increased two cents to $3.39, which is 29 cents higher than last month and six cents higher than a year ago.

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