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Wednesday, May 29, 2024

Gas Prices Continue to Drop Despite Increased Demand

(WYDaily/ Courtesy of Unsplash)

VIRGINIA BEACH — The national average for a gallon of gas fell another 12 cents since last week to $4.67 despite July Fourth holiday travel, according to AAA Tidewater Virginia.

“Usually, more people buying gas would lead to higher pump prices,” said Ryan Adcock, AAA Tidewater public relations specialist. “But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas.”

Gas demand increased from 8.92 million to 9.41 million barrels per day ahead of the  holiday, while total domestic gas stocks decreased by 2.5 million bpd, according to new data from the Energy Information Administration (EIA).

Monday’s national average of $4.67 is 32 cents less than a month ago and $1.53 more than a year ago, AAA Tidewater Virginia reported.

Locally, prices decreased across the Commonwealth, with Virginia’s average pump price decreasing 14 cents to $4.46. In Hampton Roads, prices decreased 17 cents to $4.49, which is 44 cents lower than last month and $1.57 higher than a year ago.

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