VIRGINIA BEACH — Stable global oil prices and modest domestic demand for gasoline led pump prices to fall a nickel in the past week to $3.90, according to AAA Tidewater.
“Drivers are now benefiting from gas prices that are $1.11 less than their peak in mid-June,” said Ryan Adcock, AAA Tidewater public relations specialist. “But now we need to keep an eye on the weather as hurricane season arrives. These storms can affect prices by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
In a recent survey, AAA found almost two-thirds of U.S. adults say they have changed their driving habits or lifestyle since March due to high gas prices, including driving less and combining errands.
According to data from the Energy Information Administration (EIA), gas demand rose slightly from 9.12 million to 9.35 million barrels per day last week, nearly identical to last year. Total domestic gasoline stocks decreased by nearly 5 million to 215.7 million barrels.
Despite higher demand and tightening supplies, easing oil prices have helped lower prices at the pump. If the trend continues, drivers will likely continue to see falling pump prices.
Today’s national average of $3.90 is 51 cents less than a month ago, but 74 cents more than a year ago, according to AAA Tidewater.
Locally, prices across the commonwealth fell for the tenth straight week to $3.69. That is $1.17 lower than the peak state average of $4.86 reached on June 14. In Hampton Roads, prices dropped nine cents to $3.63, $0.55 lower than last month but $0.69 higher than a year ago.