VIRGINIA BEACH — Despite literal and figurative storm clouds here and abroad, the national average for a gallon of gas still fell by three cents from last week to $3.19.
According to AAA, North America’s largest motoring and leisure travel organization, the devastation wrought by Hurricane Helene did little to impact gasoline supply, but it crushed demand in affected areas by destroying infrastructure and causing power outages.
Overseas, ongoing tensions between Iran and Israel are fueling fears that a war could disrupt oil shipments through the Straits of Hormuz, it added, a vital chokepoint for maritime traffic. This has led to oil prices creeping higher.
“Despite the threat of war and a hurricane season that is still percolating, domestic gasoline prices are edging lower,” said Ryan Adcock, AAA Tidewater spokesperson. “There are now 18 states east of the Rockies with averages below $3 a gallon. And OPEC+ is saying, at least for now, they will increase production starting December 1st, putting even more downward pressure on pump prices.”
According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.20 million barrels per day last week to 8.52 million. Meanwhile, total domestic gasoline stocks rose from 220.1 to 221.2 million barrels , while gasoline production decreased last week, averaging 9.6 million barrels daily. Tepid gasoline demand and low oil costs will likely keep pump prices sliding, AAA said.
Thursday’s national average for a gallon of gas was $3.19, 13 cents less than a month ago and 60 cents less than a year ago.
Locally, the gas price average for the Commonwealth decreased to $2.98. Thursday’s price was four cents lower than a week ago and 21 cents lower than a month ago. In Hampton Roads, prices decreased four cents to $2.91, which is 15 cents lower than last month and 53 cents lower than a year ago.
