Wednesday, December 6, 2023

AAA: Pump Price Spike Stalls After the Holidays

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

VIRGINIA BEACH — While the national average price of gas rose daily starting on Christmas Eve, AAA believes the steam may have run out as pump prices flattened and then fell by a penny over the weekend.

“As we head toward February, pump prices will likely dip, barring any jolt in the global oil market,” said Ryan Adcock, AAA Tidewater public relations specialist. “But it is likely that the national average prices we saw heading into Christmas may have been the lows for this winter.”

The recent surge in gas prices has been attributed to frigid weather and holiday road travel.

According to data from the Energy Information Administration, demand dropped from 9.33 to 7.51 million barrels a day last week, while total domestic gasoline stocks fell by 300,000 barrels to 222.7 million.

AAA said lower gasoline demand has contributed to limiting increases in pump prices.

Monday’s national average of $3.28 is three cents less than a month ago and two cents less than a year ago.

(AAA Tidewater)

Locally, the gas price average for the Commonwealth increased to $3.18., eight cents higher than a week ago and one cent higher than a month ago. In Hampton Roads, prices increased eight cents to $3.16, 11 cents higher than last month and seven cents higher than a year ago.

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