Monday, March 4, 2024

AAA: Pump Prices Surge as Gasoline Demand Rises

(File Photo)

VIRGINIA BEACH — An increase in gasoline demand and slightly more expensive oil pushed the national average for a gallon of gas up 12 cents since last week, according to AAA.

Monday’s national average of $3.42 is 33 cents more than a month ago and ten cents more than a year ago.

“The recent rising temperatures led to rising pump prices,” said Ryan Adcock, AAA Tidewater public relations specialist, “And with the cost of oil hitting $80 a barrel, there is a lot of upward pressure on gas prices at the moment.”

According to data from the Energy Information Administration, demand rose from 7.56 million to 8.05 million barrels per day last week, while total domestic gasoline stocks increased by 3.5 million barrels to 230.3 million. If demand remains high, AAA said drivers will likely see pump prices rise through the week.

The nation’s top ten largest weekly increases:

  • Colorado (+31 cents)
  • Delaware (+28 cents)
  • West Virginia (+22 cents)
  • Ohio (+22 cents)
  • Maryland (+19 cents)
  • Missouri (+19 cents)
  • Georgia (+18 cents)
  • Virginia (+18 cents)
  • Tennessee (+18 cents)
  • Louisiana (+18 cents)
(AAA Tidewater)

Locally, the gas price average increased to $3.34, 18 cents higher than a week ago and 38 cents higher than a month ago. In Hampton Roads, prices increased 15 cents to $3.27 — 42 cents higher than last month and 17 cents higher than a year ago.

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