VIRGINIA BEACH — Tighter supply and increased demand have resulted in higher prices at the pump as the national average for a gallon of gas has not fallen for nearly a month, according to AAA Tidewater Virginia.
The American Automobile Association reports gasoline prices have either remained flat or risen every day since April 24. Additionally, gas prices have set new records daily since May 10, the day gas prices eclipsed the previous record high of $4.33, set March 11.
“Gasoline is $1.05 more than it was on Feb. 24, when Russia invaded Ukraine,” said Holly Dalby, AAA Tidewater director of public affairs. “That sent shock waves through the oil market that have kept oil costs elevated. Domestically, meanwhile, seasonal gas demand is rising as more drivers hit the road, despite the pain they face paying at the pump.”
Locally, Virginia’s average pump price jumped 15 cents to $4.46. In Hampton Roads, prices increased 19 cents to $4.47, which is 50 cents higher than last month and $1.59 higher than a year ago.
The national average for a gallon of gasoline now stands at $4.59, 47 cents more than a month ago, and $1.56 more than a year ago. According to a release from AAA Tidewater Virginia, gas prices in all 50 states are above $4 per gallon.
According to the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 4.8 million barrels to 220.2 million barrels last week. At the same time, demand increased from 8.7 million to 9 million barrels per day, which will keep pressure on prices at the pump, according to AAA Tidewater Virginia.