VIRGINIA BEACH — The national average for a gallon of gasoline has fallen by a nickel since last week to $3.56, the largest one-week drop thus far for 2024.
According to AAA, the primary reasons are tepid demand and a lower oil price.
“Gas prices will likely keep up this slow sag now that we are past the Memorial Day travel weekend and more locations, east of the Rockies, will be selling gas below $3 a gallon,” said Ryan Adcock, AAA Tidewater spokesperson. “But it’s time to start weather watching as the Atlantic Hurricane Season begins June 1, and forecasters predict it will be very active. A storm impacting the Gulf Coast oil production and refining centers could push prices temporarily higher, so stay tuned.”
According to new data from the Energy Information Administration (EIA), gas demand fell slightly from 9.31 barrels per day to 9.14 last week. Meanwhile, total domestic gasoline stocks rose from 226.8 million to 228.8 million barrels. Lower gasoline demand, increasing supply, and falling oil costs could lead to pump price decreases.
Thursday’s national average of $3.56 was nine cents less than a month ago and a penny less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $3.44, three cents lower than a week ago and four cents lower than a month ago. In Hampton Roads, prices decreased one penny to $3.41, which is seven cents lower than last month and three cents higher than a year ago.
