Monday, December 5, 2022

National Gas Price Average Hits New All-Time High at $5 Per Gallon

(WYDaily/Courtesy of Unsplash)

VIRGINIA BEACH — The national average for a gallon of gas has surged to $5.01, a new all-time high according to AAA Tidewater Virginia.

The cost for a gallon of gas is 15 cents more than a week ago, 58 cents more than a month ago, and $1.94 more than a year ago. The national average is a high not seen since AAA began collecting pricing data in 2000.

“Based on the demand we’re seeing, it seems high prices have not really deterred drivers,” said Holly Dalby, AAA Tidewater director of public affairs. “If prices stay at or above $5, we may see people start to change their daily driving habits or lifestyle, but it hasn’t happened yet.”

The cost of a barrel of oil is over $120, nearly double last August’s price, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand remains robust as the summer driving season ramps up, AAA Tidewater Virginia reports.

(AAA Tidewater Virginia)

Virginia once again ranked among the nation’s top 10 largest weekly increases as the Commonwealth’s average pump price increased 23 cents to $4.86. In Hampton Roads, prices increased 30 cents to $4.96, 70 cents higher than last month and $2.08 higher than a year ago.

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