VIRGINIA BEACH — The national average for a gallon of regular dropped five cents since last week to $3.15, according to AAA.
The automobile association explained that fall brings lower gas prices and winter-blend gasoline which is cheaper to produce.
A pipeline issue that affected prices in the Pacific Northwest has been resolved and pump prices are trending downward, AAA added.
The Atlantic hurricane season is halfway over, but AAA said the tropics remain a concern for the next two months if there’s storm activity in the Gulf that affects refineries in the area.
According to new data from the Energy Information Administration, gasoline demand increased from 8.81 million barrels per day last week to 8.95 million. Total domestic gasoline supply decreased from 217.6 million barrels to 216.6 million. Gasoline production increased last week, averaging 9.7 million barrels per day.
Locally, the gas price average for the commonwealth Thursday was $2.96. Thursday’s price was one penny higher than a week ago and ten cents lower than a month ago. In Hampton Roads, prices stayed the same at $2.98, which is 15 cents lower than a month ago and four cents higher than a year ago.
