VIRGINIA BEACH — With crude oil prices lingering in the low $60s per barrel, AAA said drivers are reaping the benefits at the pump.
The national average is down about three cents from last week, returning to what it was a month ago: $3.16. While fuel prices are expected to remain on the lower side compared to last summer, AAA cautioned weather is the wild card. The Atlantic hurricane season begins Sunday, and NOAA predicts a 60% chance of an above-normal season. Storms along the Gulf Coast can affect oil refineries and disrupt fuel deliveries, leading to a temporary increase in gas prices.
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.64 million barrels per day last week to 9.45 million. Total domestic gasoline supply decreased from 225.5 million barrels to 223.1 million. Gasoline production increased last week, averaging 9.8 million barrels per day.
Locally, the gas price average for the commonwealth today is $2.98. Thursday’s price is five cents lower than a week ago and four cents lower than a month ago. In Hampton Roads, prices decreased seven cents to $2.99, which is three cents higher than a month ago and 42 cents lower than a year ago.
