VIRGINIA BEACH — The national average for a gallon of regular gasoline hit a milestone this week when it dipped below $3 a gallon for the first time in 4 years, according to AAA.
Since Tuesday, the national average has remained at $2.99. AAA said the last time the national average reached an even $3 or below was in May of 2021. Crude oil prices remain on the lower side, around $60 a barrel. Sluggish gas demand and cheaper-to-produce winter blend gasoline are also contributing to the drop at the pump, AAA said.
According to new data from the Energy Information Administration, gasoline demand decreased from 8.72 million barrels per day last week to 8.32 million. Total domestic gasoline supply increased from 209.9 million barrels to 214.4 million. Gasoline production increased last week, averaging 9.8 million barrels per day.
Locally, the gas price average for the Commonwealth Thursday was $2.89 — two cents higher than a week ago and the same as a month ago. In Hampton Roads, prices decreased four cents to $2.86, which is six cents lower than a month ago and five cents higher than a year ago.
