VIRGINIA BEACH — The national average pump price fell nine cents over the past week to hit $3.79, according to AAA Tidewater.
AAA said prices have dropped daily since Oct. 11, crediting lower oil prices and fewer drivers fueling up.
“Global recession fears coupled with the Biden Administration’s plan to continue tapping the Strategic Petroleum Reserve into December has helped temper oil prices,” said Ryan Adcock, AAA Tidewater public relations specialist. “This will help take the pressure off pump prices, benefitting drivers and their wallets.”
According to data from the Energy Information Administration (EIA), gas demand increased slightly from 8.28 million to 8.68 million barrels per day last week, while total domestic gasoline stocks decreased from 209.5 million to 209.4 million barrels.
While there was a slight increase in demand, it remains nearly one million barrels lower than the same time last year. AAA said if demand remains low and oil prices don’t spike, pump prices will likely keep falling.
Monday’s national average of $3.79 is nine cents higher than a month ago and 41 cents more than a year ago.
Locally, prices across the commonwealth decreased landing at $3.52 — five cents lower than a week ago, but 16 cents higher than a month ago. In Hampton Roads, prices decreased six cents to $3.50, 23 cents higher than last month and 23 cents higher than a year ago.