VIRGINIA BEACH — The national average for a gallon of gas dipped slightly by three cents since last week to $3.09, according to AAA.
The organization surmises one reason could be lower demand, with fewer people fueling up after peak holiday travel.
“January is a bit of blah time of year, and gas prices are in the doldrums as well,” said Ryan Adcock, AAA spokesperson. “Barring some unexpected shock to the global oil market, gas prices will likely shuffle up and down a few cents for a while.”
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.17 million barrels per day to 7.95 million last week, while total domestic gasoline stocks increased by 10.9 million barrels to 237 million.
AAA said weak gas demand, alongside increased supply, pushed pump prices lower. However, rising oil prices have limited price decreases. If gas demand remains weak, it said drivers will likely continue to see pump prices trickle downward.
Thursday’s national average of $3.09 is 15 cents less than a month ago and 17 cents less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $2.96 — three cents lower than a week ago and 15 cents lower than a month ago. In Hampton Roads, prices decreased four cents to $2.94, which is 14 cents lower than last month and 20 cents lower than a year ago.
