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Sunday, May 19, 2024

AAA: Is the Recent Climb in the Price of Gas About to Stall?

Gasoline prices in Hampton Roads are lower than the national average, but more expensive than 2017. (WYDaily/Courtesy Adobe)
Gasoline prices in Hampton Roads are lower than the national average, but more expensive than 2017. (WYDaily/Courtesy Adobe)

VIRGINIA BEACH — According to AAA, lackluster domestic demand for gasoline paired with decreasing oil prices led to the national average for a gallon of gas climbing just four cents to $3.67 since last week.

With tensions running high over the past three weeks in the Middle East, AAA noted the cost of oil reached the upper $80s per barrel. However, it has since fallen several dollars into the low $80s as the oil market watches to see if any further military actions occur.

“The situation overseas with war in both the Middle East and Ukraine has the oil market on edge,” said Ryan Adcock, AAA spokesperson. “But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and Memorial Day. So, the national average for gas may waffle a bit with small increases, some flat days, and even some price dips.”

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.61 million barrels per day to 8.66 million. Meanwhile, total domestic gasoline stocks decreased by 1.1 million barrels to 227.4 million. Higher demand and a rise in oil prices could push pump prices higher, AAA said.

Thursday’s national average of $3.67 is 21 cents more than a month ago and the same as a year ago, according to the automobile association.

(AAA Tidewater)

The gas price average for the Commonwealth increased to $3.52, AAA said, with Thursday’s price three cents higher than a week ago and 15 cents higher than a month ago. In Hampton Roads, prices increased seven cents to $3.55, which is 19 cents higher than last month and one cent lower than a year ago.

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