Sunday, December 10, 2023

With Thanksgiving Around the Corner, National Gas Prices Dip Slightly

(File Photo)

VIRGINIA BEACH — The national average for a gallon of gasoline slid three cents in the past week to $3.77, according to AAA Tidewater.

The primary reason, according to AAA, is that the global cost for oil has been stuck in a narrow price range of $85 to $92 a barrel for several weeks.

“While the national average has barely budged, there are now about 13 states with some stations selling gas below $3 a gallon,” said Ryan Adcock, AAA Tidewater public relations specialist. “More gas stations could follow, which may be a big help with road trip budgeting as Thanksgiving approaches.”

According to data from the Energy Information Administration (EIA), gas demand increased from 8.66 to 9.01 million barrels per day last week, while total domestic gasoline stocks decreased by nearly 1 million to 205.7 million barrels. While this tightening of supply and robust gasoline demand would typically push pump prices higher, fluctuating oil prices have limited cost increases.

Today’s national average of $3.77 is 13 cents less than a month ago and 36 cents more than a year ago.

(AAA Tidewater)

Locally, the average gas price increased to $3.49, one cent higher than a week ago, but seven cents lower than a month ago. In Hampton Roads, prices increased four cents to $3.49, seven cents lower than last month, 25 cents higher than a year ago.

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