VIRGINIA BEACH — The national average for a gallon of gas is now less than a dime away from dipping below $3 for the first time since May of 2021, according to AAA, but the possible formation of a new hurricane in the Gulf of Mexico could delay or even temporarily reverse the decline in pump prices.
Since last week, the national average dropped two cents to $3.08, AAA said.
“Hurricane Rafael fizzled out, but now we are facing the possible formation of Hurricane Sara,” said Ryan Adcock, AAA Tidewater spokesperson. “Some of the early tracking models have her heading toward Florida by the middle of next week, so stay tuned.”
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.82 million barrels per day last week to 9.38 million. Meanwhile, total domestic gasoline stocks fell from 211.3 million barrels to 206.8 million, while gasoline production increased last week, averaging 10.3 million barrels per day.
Thursday’s national average for a gallon of gas was $3.08, 12 cents less than a month ago and 27 cents less than a year ago.
Locally, the gas price average for the Commonwealth increased to $3.01. Thursday’s price is one penny higher than a week ago and 12 cents lower than a month ago. In Hampton Roads, prices decreased one penny to $2.85, which is 15 cents lower than a month ago and 18 cents lower than a year ago.
