VIRGINIA BEACH — Gas prices are creeping back up just in time for the busy summer driving season, according to AAA, with the national average for a gallon of regular up four cents from last week as the price of crude oil rises and demand goes up.
The seasonal increase in gas prices starts earlier in the spring, AAA said, but lower crude oil prices so far this year have kept that from happening.
Despite the upward trend, drivers are paying about 40 cents less compared to last year, it added, which is good news for the record 39.4 million Americans expected to take road trips over Memorial Day weekend.
According to new data from the Energy Information Administration, gasoline demand increased from 8.71 barrels per day last week to 8.79 million, while the total domestic gasoline supply decreased from 225.7 million barrels to 224.7 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.
Locally, the gas price average for the commonwealth on Thursday was $3 — two cents higher than a week ago and two cents lower than a month ago. In Hampton Roads, prices decreased two cents to $2.92, which is 12 cents lower than a month ago and 46 cents lower than a year ago.
