VIRGINIA BEACH — U.S. airstrikes over the weekend caused petroleum futures to spike Sunday evening, with oil creeping up to $78 per barrel, but that quickly dissipated by Monday.
According to AAA, as of Thursday morning, oil prices are back to what they were pre-conflict. With Independence Day around the corner, and 61.6 million holiday travelers preparing to hit the road next week, it cautions gas prices may increase slightly.
The national average for a gallon of regular gasoline is $3.22, two cents higher than last week and 27 cents cheaper than this time last year, AAA said.
According to new data from the Energy Information Administration, gasoline demand increased from 9.29 million barrels per day last week to 9.68 million. Total domestic gasoline supply decreased from 230 million barrels to 227.9 million. Gasoline production remained flat last week, averaging 10.1 million barrels per day.
Locally, the gas price average for the Commonwealth Thursday was $3.17 — eight cents higher than a week ago and 16 cents higher than a month ago. In Hampton Roads, prices increased four cents to $3.17, which is 15 cents higher than a month ago and five cents lower than a year ago.
