VIRGINIA BEACH — The national average for a gallon of gas fell four cents to $3.50 since last week, and AAA believes the likely cause is the terrible demand number for gasoline, as folks may be curtailing driving amid sizzling summer temperatures.
“The arrival of summer used to signal the start of a robust driving season, but that has not been the case recently,” said Ryan Adcock, AAA Tidewater spokesperson. “We know that a record number of travelers were forecast to hit the highways for the July 4 holiday, but since then, they appear to be staying off the road, and the recent scorching heat is possibly to blame. Maybe things will pick up soon.”
According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.39 million barrels per day to 8.78 million last week. Meanwhile, total domestic gasoline stocks fell from 231.7 million barrels to 229.7 million. AAA noted gasoline production took a slight ding, likely from Hurricane Beryl, dropping from an average of 10.3 million barrels daily to 9.5 million. Low gasoline demand and wobbly oil costs may lead to slowly lowering pump prices, AAA said.
Today’s national average is $3.50, six cents more than a month ago but six cents less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $3.44. Thursday’s price is three cents lower than a week ago and nine cents higher than a month ago. In Hampton Roads, prices decreased five cents to $3.41, which is 15 cents higher than last month and five cents lower than a year ago.
