VIRGINIA BEACH — Prices at the pump are coming down, according to AAA, even though this is the time of year when gas prices go up, and supply and demand are the main reason for the dip.
After OPEC+ announced it’s increasing oil production next month by more than 400,000 barrels a day — much more than expected — the price of crude oil has been falling. Oversupply coupled with tepid gasoline demand is resulting in lower pump prices, AAA said.
Thursday’s National Average for a gallon of gas was $3.22, compared to $3.08 one month ago and $3.61 a year ago.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 million barrels per day last week to 8.42 million, while total domestic gasoline supply decreased from 237.6 million barrels to 236.0 million. Gasoline production decreased last week, averaging 8.9 million barrels per day.
Locally, the gas price average for the commonwealth Thursday was $3.06 — one penny lower than a week ago and 18 cents higher than a month ago. In Hampton Roads, prices decreased two cents to $3.08, which is 23 cents higher than a month ago and 39 cents lower than a year ago.
