VIRGINIA BEACH — Holiday shoppers may have a little more jingle in their pockets this year thanks to plummeting gas prices, as the national average pump price slid 12 cents since last week to $3.14.
There are now about 20 states with averages below $3 per gallon, according to AAA.
“The cost of oil, gasoline’s main ingredient, has been hovering in the low-to-mid $70s per barrel, $50 less than the peak last Spring,” said Ryan Adcock, AAA Tidewater public relations specialist. “Combined with low seasonal demand, gas prices could slide a bit more before leveling off.”
According to data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.36 million barrels a day to 8.26 last week. This coincides with the arrival of the winter driving season, when fewer people hit the roads due to shorter days and more lousy weather, according to AAA. Total domestic gasoline stocks rose significantly by 4.5 million barrels to 223.6 million. The combination of increasing supply and lower demand are pushing pump prices lower.
Today’s national average of $3.14 is 54 cents less than a month ago and 16 cents less than a year ago, AAA said.
Locally, the gas price average for the Commonwealth decreased t $3 — 12 cents lower than a week ago and 44 cents lower than a month ago. In Hampton Roads, prices decreased 11 cents to $2.89, 50 cents lower than last month and 24 cents lower than a year ago.
