Thursday, October 10, 2024

AAA: Decline in National Average for a Gallon of Gas Resumes

Photo by Dawn McDonald on Unsplash

VIRGINIA BEACH — After idling over the Labor Day weekend, the national average for a gallon of gas resumed its pace of daily declines by falling six cents since last week to $3.30, according to AAA.

Key contributors are low gas demand and the plunging cost of oil, which is struggling to stay above $70 a barrel, the association said.

“There are now ten states with gasoline averages below $3 a gallon, which means thousands of retail outlets east of the Rockies are selling gas at similarly low prices,” said Ryan Adcock, AAA Tidewater spokesperson. “With hurricane season remaining weak and disorganized, this trend of falling pump prices will likely continue.”

According to new data from the Energy Information Administration (EIA), gas demand fell last week from 9.30 million barrels per day to 8.93 million. Meanwhile, total domestic gasoline stocks rose slightly from 218.4 million barrels to 219.2 million, and gasoline production increased last week, averaging 9.7 million daily. Falling gasoline demand and oil costs will likely keep pump prices sliding, AAA said.

Thursday’s national average for a gallon of gas is $3.30, 17 cents less than a month ago and 51 cents less than a year ago.

Locally, the gas price average for the Commonwealth decreased to $3.17. Thurday’s price is five cents lower than a week ago and 15 cents lower than a month ago. In Hampton Roads, prices decreased five cents to $3.04, which is 20 cents lower than last month and 53 cents lower than a year ago.

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