Saturday, December 9, 2023

AAA: Like the Temperatures, Gas Prices Keep Falling as the Holidays Approach

(File Photo/Dawn McDonald)

VIRGINIA BEACH — The national average pump price for a gallon of gas plunged 14 cents since last week to $3.26, six cents less than a year ago, according to AAA Tidewater.

There are now approximately 34 states with averages lower than last year, AAA added.

“The seasonal pattern of less driving due to shorter days and crummy weather, combined with a lower oil cost, is driving gas prices lower,” said Ryan Adcock, AAA Tidewater public relations specialist. “If this trend continues, many states could see their average prices fall below $3 a gallon by early next year.”

According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million barrels per day last week, approximately 605,000 barrels per day lower than a year ago, while total domestic gasoline stocks rose by 5.3 million barrels to 219.1 million.

AAA notes that increasing supply and lower demand will push pump prices lower.

Monday’s national average of $3.26 is 52 cents less than a month ago and six cents less than a year ago.

(AAA Tidewater)

Locally, the average gas price decreased to $3.12 — 14 cents lower than a week ago and 38 cents lower than a month ago. In Hampton Roads, prices decreased 16 cents to $3, 51 cents lower than last month and 15 cents lower than a year ago.

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