VIRGINIA BEACH — The national average for a gallon of gas dipped four cents since last week to $3.48, according to AAA.
The drop comes as a tropical wave with storm-forming potential is slowly approaching the Caribbean Sea, and AAA cautions should it enter the Gulf of Mexico, oil prices should be expected to move higher.
“The oil market is volatile, and the threat of a hurricane impacting production and refining will certainly grab its attention,” said Ryan Adcock, AAA Tidewater spokesperson. “Add in the rising tensions in the Middle East, and oil prices are poised to push higher.”
Meanwhile, the association announced that with an estimated 1.2 million members living in a household with one or more electric vehicles, AAA is adding the kilowatt-per-hour cost for Level 2 (L2) commercial charging by state. AAA notes its members are 28% more likely than the U.S. adult population overall to have an electric vehicle.
Thursday’s national average for a kilowatt of electricity at an L2 commercial charging station is 34 cents.
According to new data from the Energy Information Administration (EIA), gas demand slid from 9.45 million barrels per day to 9.25 million last week. Meanwhile, total domestic gasoline stocks fell from 227.4 million barrels to 223.8 million. Gasoline production decreased last week, averaging 10.0 million barrels per day.
Lower gasoline demand but higher oil costs may lead to flat or slowly rising pump prices dipping, but this depends on Atlantic storm development, according to AAA.
Thursday’s national average for a gallon of gas is $3.48, a penny less than a month ago and 30 cents less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $3.35 — six cents lower than a week ago and three cents higher than a month ago. In Hampton Roads, prices decreased six cents to $3.27, which is two cents higher than last month and 37 cents lower than a year ago.
