Tuesday, June 18, 2024

AAA: Gasoline Prices Creep Higher, But For How Long?

Gasoline prices in Hampton Roads are lower than the national average, but more expensive than 2017. (WYDaily/Courtesy Adobe)
(WYDaily/Courtesy Adobe)

VIRGINIA BEACH — Despite a dip in gas prices to start the weekend, increased demand and higher global oil prices saw the national average for a gallon of gas up eight cents since last week to $3.50.

“January’s weather was relatively mild in much of the nation, which led to more drivers hitting the road. However, a return of wintery conditions in February may see a revival of seasonal driving patterns,” said Ryan Adcock, AAA Tidewater public relations specialist, “but with the cost of oil stubbornly hovering around $80 per barrel, drivers probably won’t catch a big break at the pump over the next week or two.”

According to data from the Energy Information Administration, demand rose slightly from 8.05 to 8.14 million barrels per day last week, while total domestic gasoline stocks increased by 1.7 million barrels to 232 million. Rising demand combined with higher oil prices have contributed to higher prices at the pump.

Today’s national average of $3.50 is 33 cents more than a month ago and 14 cents more than a year ago.

(AAA Tidewater)

Locally, the gas price average for the commonwealth increased to $3.42, eight cents higher than a week ago and 37 cents higher than a month ago. In Hampton Roads, prices increased 15 cents to $3.42, 41 cents higher than last month and 24 cents higher than a year ago.

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