Monday, July 15, 2024

AAA: When It Comes to Gas Prices, May Starts Off Meh

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

VIRGINIA BEACH — The national average for a gallon of gas waffled up and down over the past week before settling higher by two cents at $3.67, according to AAA, despite a lull in domestic gasoline demand and falling oil prices.

“From a demand perspective, we have entered the pre-Memorial Day funk,” said Ryan Adcock, AAA spokesperson. “And the cost of a barrel of oil is nearly $10 less than two weeks ago, as oil prices have fallen into the upper $70s. This may keep pump prices somewhat flat for the immediate future.”

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.42 million barrels per day to 8.62 million last week. Meanwhile, total domestic gasoline stocks increased to 227.1 million barrels. AAA said tepid demand, increasing supply, and falling oil prices could lower pump prices.

Thursday’s national average is $3.67, 14 cents more than a month ago and 8 cents more than a year ago.

(AAA)

Locally, the gas price average for the Commonwealth decreased to $3.48 — two cents lower than a week ago and six cents higher than a month ago. In Hampton Roads, prices decreased two cents to $3.50, which is 13 cents higher than last month and 13 cents higher than a year ago.

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