VIRGINIA BEACH — The new year begins with the lowest national average in years at $2.81, according to AAA, which noted the last time the national average for a gallon of regular gas was this low was back in March of 2021.
Crude oil prices remain relatively unchanged from the end of 2025 and unaffected amid questions about Venezuela’s impact on the oil market, AAA said. Currently, the global oil supply is strong, as OPEC+, the coalition of oil-exporting countries, says it’s not planning any production hikes in the first quarter of 2026 due to lower demand.
According to new data from the Energy Information Administration, gasoline demand decreased last week from 8.56 million barrels per day to 8.17 million. Total domestic gasoline supply increased from 234.3 million barrels to 242 million. Gasoline production decreased last week, averaging 9.0 million barrels per day.
Locally, the gas price average for the Commonwealth Thursday was $2.73 — one penny higher than a week ago and 12 cents lower than a month ago. In Hampton Roads, prices decreased three cents to $2.65, which is 11 cents lower than a month ago and nine cents lower than a year ago.
