Friday, July 12, 2024

AAA: Gas Prices Plunge as Drivers Hit the Road for the Holiday

Gas pump with hand removing nozzle (WYDaily photo/Adobe)
(WYDaily photo/Adobe)

VIRGINIA BEACH — Drivers fueling up ahead of Thanksgiving will benefit from falling pump prices, with the national average for a gallon of gasoline dropping 11 cents in the past week to $3.66, according to AAA Tidewater.

But it is also the highest Thanksgiving national average price since AAA started keeping records in 2000, it added.

“The national average has fallen sharply since the June peak of nearly $5.02,” said Ryan Adcock, AAA Tidewater public relations specialist. “But this Thanksgiving will be about 20 cents higher than a year ago, and a dollar more per gallon than a pre-pandemic 2019. However, we can be thankful that gas prices are moving in the right direction for now.”

According to data from the Energy Information Administration (EIA), demand fell from 9.01 million to 8.74 million barrels per day last week. Meanwhile, total domestic gasoline stocks rose by nearly 2.2 million barrels to 207.9 million.

According to a press release, increasing supply combined with fewer drivers fueling up have pushed pump prices lower, and as demand remains low and stocks grow, drivers will likely see pump prices continue to drop through the Thanksgiving holiday.

Today’s national average of $3.66 is 16 cents less than a month ago and 26 cents more than a year ago, AAA said.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth decreased, landing at $3.42 — seven cents lower than a week ago and 12 cents lower than a month ago. In Hampton Roads, prices decreased 12 cents to $3.37, 16 cents lower than last month and 16 cents higher than a year ago.

Related Articles