Monday, July 15, 2024

AAA: For Pump Prices, No News is Good News

Photo by Dawn McDonald on Unsplash

VIRGINIA BEACH — Gas prices posted a quiet week, with the national average drifting lower by three cents to $3.64 since last Thursday.

According to AAA, low pre-Memorial Day domestic demand and oil costs below $80 a barrel were the reason.

“The current news cycle is jam-packed, so not having gas prices in the mix should be a welcome relief,” said Ryan Adcock, AAA spokesperson. “Most consumers will probably see pump prices barely budging for now. That’s important because, on May 13, AAA will release the Memorial Day travel forecast, which could be a robust weekend for car trips. Stay tuned!”

According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.62 million barrels per day to 8.79 million last week. Meanwhile, total domestic gasoline stocks increased by nearly one million barrels to 228 million. According to AAA, slack demand, rising supply, and falling oil prices could push pump prices lower.

Thursday’s national average is $3.64, four cents more than a month ago and 12 cents more than a year ago.

Locally, the gas price average for the Commonwealth decreased to $3.46. Today’s price is two cents lower than a week ago and one penny higher than a month ago. In Hampton Roads, prices decreased six cents to $3.44, which is three cents lower than last month and 14 cents higher than a year ago.

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