VIRGINIA BEACH — The national average price for a gallon of gas dropped 12 cents in the past week, the steepest weekly decline since early August according to AAA Tidewater, as the cost of oil edged lower on fears of economic slowdowns elsewhere around the globe.
“Gas prices are dropping nationwide, with some of the largest decreases happening on the West Coast,” said Ryan Adcock, AAA Tidewater public relations specialist. “But the West also has the farthest to fall because its prices are so elevated. For instance, California is still $1.50 higher than the national average.”
According to data from the Energy Information Administration (EIA), gas demand fell from 8.74 to 8.33 million barrels a day last week, while total domestic gasoline stocks rose by more than 3 million barrels to 211 million. The increasing supply coupled with fewer drivers fueling up has pushed pump prices lower. Should that trend continue, pump prices will likely keep falling.
Monday’s national average of $3.54 is 22 cents less than a month ago and 15 cents more than a year ago.
Locally, the gas price average decreased to $3.35, seven cents lower than a week ago and 14 cents lower than a month ago. In Hampton Roads, prices dropped 10 cents to $3.27, 18 cents lower than last month and eight cents higher than a year ago.