VIRGINIA BEACH — While local gas averages have not seen a large increase week-to-week, AAA said the gas average in Hampton Roads jumped eight cents from $2.98 to $3.06 Thursday.
This past week, however, AAA said the national average for a gallon of regular had fallen three cents to $3.13. On Aug. 21, prices were the lowest they’ve been in five years, with some wondering if the national average would go below $3 a gallon in the coming weeks.
AAA cautioned there are too many variables to make a prediction as the oil market is too volatile. But, if crude oil prices remain low and barring any major geopolitical events or tropical storms hitting the Gulf Coast, the association said it’s safe to say drivers could continue to see cheaper prices at the pump as summer winds down.
According to new data from the Energy Information Administration, gasoline demand decreased from 9 million barrels per day last week to 8.84 million. Total domestic gasoline supply decreased from 226.3 million barrels to 223.6 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
Locally, the gas price average for the commonwealth on Thursday was $3.01 — one penny higher than a week ago and four cents higher than a month ago. In Hampton Roads, prices increased two cents to $3.06, which is nine cents higher than a month ago and nine cents lower than a year ago.
