Monday, July 15, 2024

AAA: With May Approaching, Pump Prices Stick to the Slow Lane

Photo by Dawn McDonald on Unsplash

VIRGINIA BEACH — The national average for a gallon of gas dipped two cents since last week to $3.65 with domestic gasoline demand “decidedly in the doldrums” and the cost of oil retreating, according to AAA.

“Domestic gas demand is pretty pokey at the moment, which is often the case in the runup to Memorial Day and the traditional start of summer driving season,” said Ryan Adcock, AAA Tidewater spokesperson. “The recent national average price of $3.67 could be the peak until hurricane season is well underway. But as always, the wildcard will be the cost of oil, so stay tuned.”

According to new data from the Energy Information Administration (EIA), gas demand fell from 8.66 million barrels per day to 8.42 million last week. Meanwhile, total domestic gasoline stocks decreased by .6 million barrels to 226.7 million. Lower demand and a drop in oil prices could push pump prices lower, according to AAA.

Thursday’s national average of $3.65 is 12 cents more than a month ago and the same as a year ago.

(AAA)

Locally, the gas price average for the Commonwealth decreased to $3.50. Today’s price is two cents lower than a week ago and five cents higher than a month ago. In Hampton Roads, prices decreased three cents to $3.52, which is 16 cents higher than last month and five cents higher than a year ago.

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