VIRGINIA BEACH — The national average price for a gallon of gas fell seven cents last week to $3.71, according to AAA.
Gas prices are now at a level not seen since the beginning of March, largely the result of a lower cost for oil.
“Less expensive oil usually leads to less expensive gas for drivers,” said Ryan Adcock, AAA Tidewater public relations specialist. “This trend has helped pump prices fall steadily for three straight months and, with fall approaching, more markets could soon see prices below $3 per gallon.”
According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.59 million barrels per day to 8.73 million last week. Meanwhile, total domestic gasoline stocks rose by 300,000 barrels to 214.8 million.
Although gasoline demand increased slightly, lower oil prices have led to falling pump prices. Should gasoline demand begin to subside, as is typical post-Labor Day, pump prices will likely continue to decrease, according to AAA.
Today’s national average of $3.71 is 26 cents less than a month ago, but still 54 cents more than a year ago.
Prices across the commonwealth fell to $3.47, $1.39 lower than the highest state average of $4.86 that was reached on June 14. In Hampton Roads, prices decreased nine cents to $3.40, 34 cents lower than last month, but 45 cents higher than a year ago.