VIRGINIA BEACH — Reaching a price point last seen on March 6, the national average for a gallon of gas fell six cents to $3.38 since last week, according to AAA.
“The clouds of war overseas are less dark at the moment and the Atlantic is quiet now too, which is taking pressure off of oil prices,” said Ryan Adcock, AAA Tidewater spokesperson. “More retail locations east of the Rockies are selling gas below $3 a gallon. Will this trend continue through the end of the year? Stay tuned.”
According to new data from the Energy Information Administration (EIA), gas demand crept higher last week from 9.04 million barrels per day to 9.19 million. Meanwhile, total domestic gasoline stocks fell from 222.2 million barrels to 220.6 million, but gasoline production increased, averaging 9.8 million barrels daily. Mild gasoline demand, steady supply, and low oil costs may cause pump prices to slide further, AAA said.
Thursday’s national average for a gallon of gas is $3.38, 12 cents less than a month ago and 47 cents less than a year ago, AAA reported.
Locally, the gas price average for the Commonwealth decreased to $3.26. Thursday’s price is six cents lower than a week ago and 15 cents lower than a month ago. In Hampton Roads, prices decreased five cents to $3.14, which is 22 cents lower than last month and 55 cents lower than a year ago, according to AAA.
