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Friday, May 24, 2024

AAA: Storm Clouds Abroad Have National Gas Prices on Edge

Gas pump with hand removing nozzle (WYDaily photo/Adobe)
(WYDaily photo/Adobe)

VIRGINIA BEACH — Despite ominous overseas news, a pop in domestic gasoline demand, and oil prices rising to the mid-$80s per barrel, the national average for a gallon of gas climbed just three pennies to $3.56 since last week, according to AAA.

“Renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East spiked oil prices recently,” said Ryan Adcock, AAA spokesperson. “And with the cost of oil accounting for roughly 60% of what we pay at the pump, there will likely be some upward pressure on prices.”

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.72 million barrels per day to 9.23 million last week while total domestic gasoline stocks decreased by 4.2 million barrels to 227.8 million. Higher demand and rising oil prices will likely nudge pump prices higher, AAA said.

Thursday’s national average of $3.56 is 21 cents more than a month ago and six cents more than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth decreased to $3.42, two cents lower than a week ago and 21 cents higher than a month ago. In Hampton Roads, prices decreased four cents to $3.35, 25 cents higher than last month and 11 cents lower than a year ago, according to AAA.

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