VIRGINIA BEACH — According to AAA, the national average for a gallon of regular remained the same as the previous week at $3.19. Good news, it said, for the record-breaking 1.08 million Virginians heading out of town for the long holiday weekend.
Gas prices haven’t been this low over Memorial Day since 2021 when the national average was $3.04. AAA said supply and demand are playing a role in this year’s lower pump prices as crude oil supply is currently surpassing demand.
According to new data from the Energy Information Administration, gasoline demand decreased from 8.79 million barrels per day last week to 8.64 million, while the total domestic gasoline supply increased from 224.7 million barrels to 225.5 million. Gasoline production increased last week, averaging 9.6 million barrels per day.
Locally, the gas price average for the commonwealth Thursday was $3.03 — three cents higher than a week ago and two cents higher than a month ago. In Hampton Roads, prices increased 14 cents to $3.06, which is eight cents higher than a month ago and 34 cents lower than a year ago.
