VIRGINIA BEACH — The national average for a gallon of gas dipped by just three cents since last week to $3.53, according to AAA.
Despite slackening demand, AAA said the pace of falling gas prices is being held up by the cost of oil, which is hovering in the mid-$80s per barrel.
“The oil market is very sensitive to global events, and fears of a widening war in the Middle East is keeping oil prices elevated for now,” said Ryan Adcock, AAA Tidewater public relations specialist. “Domestically, drivers will likely see pump prices keep up this slow slide toward the holidays.”
According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.94 barrels per day to 8.86 million last week, while total domestic gasoline stocks increased slightly to 223.5 million barrels.
According to AAA, lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down, and if oil prices continue to descend, drivers can expect further price drops at the pump in the weeks ahead.
Thursday’s national average of $3.53 is 30 cents less than a month ago and 23 cents less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $3.32 — four cents lower than a week ago and 24 cents lower than a month ago. In Hampton Roads, prices decreased four cents to $3.24, which is 27 cents lower than last month and 24 cents lower than a year ago.
