VIRGINIA BEACH — As winter weather grips much of the nation and fewer drivers hit the road, AAA said gas prices remain low with the national average at $2.85.
Gasoline demand is lowest during this time of year, AAA explained, keeping the price of crude oil in the high $50 to low $60 range. Demand begins to ramp up toward the end of February and early March as the weather starts getting milder, and travelers take Spring Break trips.
According to new data from the Energy Information Administration, gasoline demand decreased last week from 8.30 million barrels per day to 7.83 million. Total domestic gasoline supply increased from 251 million barrels to 257 million. Gasoline production decreased last week, averaging 8.8 million barrels per day.
Locally, the gas price average for the commonwealth Thursday was $2.81 — three cents higher than a week ago and ten cents higher than a month ago. In Hampton Roads, prices increased five cents to $2.85, which is 12 cents higher than a month ago and 19 cents lower than a year ago.
